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Stuck in Low GEAR? Macroeconomic Policy in South Africa, 1996-1998

Author

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  • John Weeks

    (Department of Development Studies, SOAS University of London, UK)

Abstract
Despite its ideology while in opposition, once in power the ANC government implemented an orthodox macroeconomic policy which stressed deficit reduction and a tight monetary policy, combined with trade liberalisation. The stated purpose of this package (the Growth, Employment, and Redistribution programme, socalled GEAR) was to increase economic growth, with a 4.2 rate programmed for 1996-2000. At mid-term of the programme, growth remained far below this target. The GEAR’s lack of success cannot be explained by unfavourable external factors; rather, the disappointing performance seemed the result of fiscal contraction and excessively high interest rates.

Suggested Citation

  • John Weeks, 1999. "Stuck in Low GEAR? Macroeconomic Policy in South Africa, 1996-1998," Working Papers 85, Department of Economics, SOAS University of London, UK.
    • Handle: RePEc:soa:wpaper:85
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    File URL: https://www.soas.ac.uk/sites/default/files/2022-10/economics-wp085.pdf
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    Cited by:

    1. Mahmood, Haider & Chaudhary, A. R., 2013. "Impact of FDI on Income Inequality in Pakistan," MPRA Paper 109460, University Library of Munich, Germany.
    2. Khoza, Keorapetse & Thebe, Relebogile & Phiri, Andrew, 2016. "Nonlinear impact of inflation on economic growth in South Africa: A smooth transition regression (STR) analysis," MPRA Paper 73840, University Library of Munich, Germany.

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