South Africa: 2013 Article IV Consultation

South Africa has made impressive strides in economic development over thepast two decades. But in recent years, lower growth has exacerbated highunemployment, inequality, and vulnerabilities. Although weak trading partner growthcontributed, domestic factors were an important reason why South Africa's growth hasbeen below that of other emerging markets. Large current account and fiscal deficits, sofar easily financed by global liquidity, have raised vulnerabilities.