Reflections on South Africa’s Lost Decade

So many economies are going through lost decade problem.

South Africa has been in the list. Former SA Finance Minister Trevor Manuel in this podcast speaks about how SA lost the plot:

When the apartheid regime ceded power following South Africa’s first democratic elections in 1994, the economy was in shambles. Debt service costs as a share of GDP were crippling. Trevor Manuel—a veteran of the anti-apartheid struggle and appointed minister of finance—revamped the budgeting process and set a stringent deficit reduction target. By 2006, the economy was growing at its fastest pace in more than two decades. In this podcast, Manuel looks back at what drove the country’s longest phase of economic growth and how he believes the ruling party he helped establish has lost its way

From Manuel:

You could bring people in because there was a project that people wanted to be part of. It was how we would deliver democracy. That doesn’t exist anymore. The ANC that we knew doesn’t exist.

How Indian National Congress and African National Congress lost the plots…

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