Commentary. Stuck in low GEAR? Macroeconomic policy in South Africa, 1996-98 |
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Authors: | Weeks J |
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Institution: | CDPR, SOAS, Thornhaugh Street, London WC1 0XG, UK
E-mail: jw10@soas.ac.uk |
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Abstract: | Despite its ideology while in opposition, once in power theANC government implemented an orthodox macroeconomic policywhich stressed deficit reduction and a tight monetary policy,combined with trade liberalisation. The stated purpose of thispackage (the Growth, Employment, and Redistribution programme,or GEAR) was to increase economic growth, with a 4.2% rate programmedfor 1996-2000. At mid-term of the programme, growth remainedfar below this target. The GEAR's lack of success cannot beexplained by unfavourable external factors; rather, the disappointingperformance seemed the result of fiscal contraction and excessivelyhigh interest rates. |
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Keywords: | Developing countries Macroeconomic policy South Africa |
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