December 10, 2013
...To my mind, the main reason for the improvement in South Africa’s growth performance after 1994 lies in the lifting of economic sanctions and the subsequent reintegration of the South African economy with the global economy. Although the lifting of trade sanctions was important (the volume of exports plus imports did increase by 65% from 1991 to 1998), with an accompanying improvement in productivity as a result of greater global competition, it was the lifting of specifically financial sanctions that made the critical difference....
Of course the lifting of sanctions improved the economy, but, there is also a larger number of people with money to spend. So, the economic base of Africa is going with the freedom and new government the people achieved.