South Africa’s Economy Sees 2.4% Average Growth between 1994 and 2022

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South Africa maintained its position as one of Africa’s largest and most industrialised economies between 1994 and 2022, achieving an average GDP growth rate of 2.4%, according to a new government report.

Employment has also experienced significant growth, with the labour force expanding from 11.3 million in 1994 to 28.3 million in 2023. This has resulted in an increase in total employment from 8.9 million to 16.7 million over the same period, Pretoria News, a partner of TV BRICS reported.

Financial inclusion has also made significant strides, with 84% of the population having bank accounts in 2022, compared to 54% in 2010. Internet accessibility has also improved, with near-universal 3G and 4G/LTE network coverage and growing adoption of 5G technology, currently reaching 7.5% of the population.

The report notes that South Africa’s overall internet penetration rate stands at 68.2%, highlighting the growing importance of digital connectivity for social and economic development.

The report also acknowledges the potential benefits of multilateral structures such as BRICS, suggesting they could offer opportunities for expanding trade, investment, and industrialisation.

While the report paints a largely positive picture of South Africa’s economic development, it is important to note that it does not delve into specific challenges such as income inequality, poverty, or infrastructure deficits. These remain significant hurdles for the country to overcome in order to achieve inclusive and sustainable growth.

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