You can also view each country’s historical growth data on the chart below the map by using the drop-down menu. This is because South African energy regulators have not adopted strong enough measures for renewable energy to enable long-term growth. They have not funded the mass rollout of renewable energy, or connected renewables to the national grid. We found that renewables can only sustain growth over six to 12 month cycles whereas policymakers work towards longer cycles such as the 2030 and 2050 sustainable development goals.

• As the 2024 February Budget Review approaches, attention will be on measures and reforms to support fiscal consolidation, and the better management of state-owned entities.
• For example, the government has not taken renewables seriously enough to include them in the power grid.
• Ramaphosa reaffirmed South Africa’s commitment to multilateralism, highlighting its G20 presidency as an opportunity to champion Africa’s economic interests on the global stage.
• Past studies have looked into the role of energy in South Africa’s economic growth, but their methods have provided only limited information about whether South Africa can make a smooth transition from dirty to clean energy.
• Net exports remain a significant drag, preventing a stronger boost from domestic consumer spending.

Business process outsourcing

The mining sector, a historical backbone of the economy, is also poised for reform. A modernized mining rights system, expected this year, aims to unlock investment in exploration and critical minerals, strengthening South Africa’s position in the global commodities market. President Cyril Ramaphosa delivered his 2025 State of the Nation Address (SONA) against the backdrop of South Africa’s evolving political and economic realities. Addressing Parliament in Cape Town City Hall today, he outlined an ambitious framework for national renewal, emphasizing economic revitalization, infrastructure investment, and the country’s place in the shifting global order. Overall, our findings highlight that policymakers have treated renewables as a “nice-to-have” gesture for humanity, instead of a key driver of long-term economic growth.

South Africa’s economy facing optimistic future

This is characterised by several comprehensive government programs and organisations that provide resources and services to females, both adult and adolescent. South Africa’s economy has faced a major setback, with Q3 GDP figures showing a surprising decline that has led economists to revise their growth projections for 2024. Once optimistic about the country’s potential to cross the 1% growth mark, many experts are now forecasting a more modest performance. The latest data has placed full-year projections at 0.8%, down from earlier expectations, as key sectors continue to struggle. It also stated that one of https://www.coronation.com/ the strategies that economic growth prioritizes is structural reformation and improvements in state capability to raise growth rates sustainably.

South Africa Economic Update, Edition 15 "Learning: Overdue Reforms and Emerging Priorities in Basic Education"

The speech took on a notable diplomatic tone, reflecting South Africa’s role in an increasingly fragmented global order. Ramaphosa reaffirmed South Africa’s commitment to multilateralism, highlighting its G20 presidency as an opportunity to champion Africa’s economic interests on the global stage. South Africa held its first non-restricted racial elections in 1994, leaving the newly all-African elected African National Congress (ANC) government the daunting task of trying to restore order to an economy harmed by sanctions, while also integrating the previously disadvantaged segment sasol ltd of the population into it. Also, the World Bank predicted 1.2% growth for South Africa in 2024, highlighting the predominant issues that would draw back the country.

South Africa economic outlook, November 2024

This tracker charts the economic growth performance through time of ninety-one countries around the globe. As of 2025, the United States and China will occupy the first twoplaces in both methods’ GDP rankings. The US and China’s margins are coming down in nominal rankingsas China’s GDP growth rate in 2025 (4.48%) is higher than the US’s 2.15%. China will remain the world’s largest economy on a PPP basis over the next few decades, as the second-ranked US is growing slowly and third-ranked India is way behind.

By 2016, growth had turned positive in nearly every country, but the global economy began to slow again in 2019. And in early 2020, the COVID-19 pandemic caused a collapse in GDP at a pace comparable to that during the Great Depression. Global growth resumed in 2021, at a robust 6 percent pace, before falling back to 3.5 percent in 2022 and 3.2 percent in 2023.

Trade unions

Our research suggests that relying on non-renewable energy, like coal, won’t lead to long-term growth for South Africa. This is because non-renewables are not a reliable source of energy, as shown by loadshedding. Overall, our findings highlight that policymakers have treated renewables as a "nice-to-have" https://www.investec.com/ gesture for humanity, instead of a key driver of long-term economic growth. Our research suggests that relying on non-renewable energy, like coal, won’t lead to long-term growth for South Africa. As part of an international attempt to modernize infrastructure, South Africa has faced increasing pressure to invest government funds into its water and electricity sectors. At current, these sectors are underfunded by approximately US$464 billion (This is according to the G20 GI Hub).

Manufacturing

Uncertainty looms over the future of maritime trade as recent attacks on merchant vessels in the Red Sea and a drought in the Panama Canal force nations sasol south africa ltd to consider alternate routes.