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Past and Present Economical situation (Macroeconomics) of South Africa - Research Paper Example

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Past and Present Economical Situation (Macroeconomics) of South Africa Overview The history of South Africa began with the development of Hominidae, a human race, about five million years ago with the progress of the species known as Homo. Archaeologists have found evidence that both Homo habilis and Homo erectus settled in southern part of Africa…
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Past and Present Economical situation (Macroeconomics) of South Africa
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Download file to see previous pages In the similar context, it has been stated by the scientists that the Late Stone Age people are living in southern part of Africa for a very long period before the blacks or the whites came into being to stay there. Furthermore, it can be stated that according to the evidences provided it can be observed that a sculpture of a rock is created by the Khoisan around 26000 years ago. The introduction of iron changed the African continent completely and it therefore provided a boost in the development of mankind. Agriculture has altered the lifestyle of the African people completely as South Africa largely is an agricultural country. The farming of agricultural lands provided an important aspect in the overall development of African population. Agriculture is a key contributing factor towards the overall economic growth in South Africa (The Early History of South Africa, n.d.). Short History about the Economic Background of South Africa South African economy has been a generally fluctuating economy. In the past few decades, it has witnessed a sustained growth in terms of real per capita income. However, in recent decades noticeable fall in real per capita income was observed primarily due to political instability as well as change in the country. According to the observation of World Bank, it can be idealized that in the middle income nations such as South Africa economic regress can occur as rapidly as economic progress. The global economic environment has been a major influence on the pattern of economic development in South Africa over its historical progression (Fedderke & Simkins, 2006). Figure: Real Per Capita GDP as well as Associated Growth Rate, A Historical Trend in South Africa Source: (Fedderke & Simkins, 2006) In the current context, the economy of South Africa is recovering from the earlier setbacks, but it has been weakened due to certain economic slumps. Moreover, with reference to the current trend of advanced economies, it can be recognized that due to economic setbacks growth has become too low largely due to considerable depression in unemployment. In the related context, it can also be said that according to World Economic Outlook, it can be predicted that there was slump in the economic aspects from the initial part of 2012. Economy in the global context will remain at around 3.3 percent and 3.6 percent in 2012 and 2013 respectively. Productivity is expected to remain sluggish in advanced economies, providing no effect on the emerging markets and developing economies. Moreover, unemployment is likely to stay high in most of the parts in the world, with the financial conditions remaining delicate according to the reports presented by Global Financial Stability Report (GFSR) in October 2012. These factors have an impact on the overall economic scenario in South Africa in the coming years (International Monetary Fund, 2012). Demographics of South Africa Demography is the numerical study of prevailing human populations. It includes the study of the structure, size as well as distribution of varied dimensions of a country’s population which also relates to birth, age and death. The analysis can be incorporated in the context of certain societal or group aspects such as education, nationality and ethnicity among others. The demography of South Africa is estimated on the basis of the statistical information gathered ...Download file to see next pages Read More
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