South African Economic History

Currently, South Africa's economy ranks 29th in the world, its economy is also the largest in all of Africa. Around 25% of the population is unemployed, and about the same amount lives on less than $1.25 a day. The key economic sectors of South Africa include mining, agriculture, fishing, vehicle manufacturing, food processing, and textiles. Because of apartheid, the national party divided the economy into a priveleged, well treared white one, and an impoverished black one.  In 1994 South Africa held its first multi-racial election, with the African National Congress winning the vote. Evenually, inflation was brought down and public finances were stabalised, but growth was near nonexistent. The current president in 2000, Thabo Mbeki, attempted to promote economical growth and forgein investment, and reaxing restrictive labour laws. Mbeki's ideas faced strong opposition from organzed labour groups. After 204, economic growth picked up rapidly.

            South African unemployment dates back to the 1970's, with a gradual rise throughout the 1980's and 1990's. The high unemployment raes coincide with the with inadequete education, poor health, and crime. As of 2010, 29.8% of blacks were unemployed, 22.3% of coloured people were unemployed, 8.6% of asians were unemployed, and 5.1% of whites were unemployed. Ever sine 1994, for everyb one emigrant that comes to south africa, 10 unskilled people lose their jobs.

            There is also a large amount of tension between South African natives and immigrants. The thought is, is that the new immigrants wil steal the natives jobs and increase the ever large unemployment rate. The South African Immigration policy has become increasingly restrictive since 1994.