South Africa Economic Update : Tertiary Education Enrollments Must Rise
South Africa's much anticipated economic rebound in 2018 did not occur. While substantial efforts by the authorities to strengthen governance of public resources and stabilize the fiscal situation helped the economy to not contract further, ec...
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World Bank, Pretoria
2019
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| Online Access: | http://documents.worldbank.org/curated/en/173091547659025030/South-Africa-Economic-Update-Enrollments-in-Tertiary-Education-Must-Rise http://hdl.handle.net/10986/31241 |
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okr-10986-312412021-05-25T09:21:24Z South Africa Economic Update : Tertiary Education Enrollments Must Rise World Bank TERTIARY EDUCATION EDUCATION FINANCE ECONOMIC GROWTH ECONOMIC OUTLOOK LABOR MARKET FISCAL TRENDS MONETARY POLICY INFLATION TRADE PSET VOCATIONAL EDUCATION VOCATIONAL TRAINING South Africa's much anticipated economic rebound in 2018 did not occur. While substantial efforts by the authorities to strengthen governance of public resources and stabilize the fiscal situation helped the economy to not contract further, economic growth remained tepid with a technical recession (two successive quarters of negative economic growth) in the first half of 2018. GDP growth is expected at below 1 percent in 2018, down from an already low 1.3 percent in 2017. A number of exogenous factors contributed to this poor growth performance. Domestically, climate variations such as a prolonged drought in the Western Cape where harvests were delayed exerted a huge toll on agricultural production. Externally, mounting trade tensions between the United States and China, and tightening global financial conditions contributed to slowing the pace of foreign financial inflows to South Africa while lessening the demand for its exports. Rising world oil prices also exerted strong pressure on the balance of payments and domestic prices, depressing private consumption. These negative developments, however, do not conceal the fact that South Africa's growth challenge is deep-seated and largely structural. To grow faster and sustainably, the economy will need to be more inclusive, requiring the participation of a greater share of the population mainly through job creation. Furthermore, persistent inequality of income and of opportunity will continue to raise pressures for redistribution of limited resources that are drawn from a small tax base. Radical policy demands are more likely in a stagnant economy, fuel policy uncertainty and deter private investment. At the Presidential Jobs Summit and the South African Investment Conference held in October 2018 agreements were made on actions that are expected to enable job creation and to attract higher levels of investment, including interalia, education and skills interventions, and initiatives to reduce policy uncertainty on land reform, mining and black economic empowerment. 2019-02-08T16:44:28Z 2019-02-08T16:44:28Z 2019-01 Report http://documents.worldbank.org/curated/en/173091547659025030/South-Africa-Economic-Update-Enrollments-in-Tertiary-Education-Must-Rise http://hdl.handle.net/10986/31241 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Pretoria Economic & Sector Work :: Economic Updates and Modeling Economic & Sector Work Africa South Africa |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
TERTIARY EDUCATION EDUCATION FINANCE ECONOMIC GROWTH ECONOMIC OUTLOOK LABOR MARKET FISCAL TRENDS MONETARY POLICY INFLATION TRADE PSET VOCATIONAL EDUCATION VOCATIONAL TRAINING |
| spellingShingle |
TERTIARY EDUCATION EDUCATION FINANCE ECONOMIC GROWTH ECONOMIC OUTLOOK LABOR MARKET FISCAL TRENDS MONETARY POLICY INFLATION TRADE PSET VOCATIONAL EDUCATION VOCATIONAL TRAINING World Bank South Africa Economic Update : Tertiary Education Enrollments Must Rise |
| geographic_facet |
Africa South Africa |
| description |
South Africa's much anticipated
economic rebound in 2018 did not occur. While substantial
efforts by the authorities to strengthen governance of
public resources and stabilize the fiscal situation helped
the economy to not contract further, economic growth
remained tepid with a technical recession (two successive
quarters of negative economic growth) in the first half of
2018. GDP growth is expected at below 1 percent in 2018,
down from an already low 1.3 percent in 2017. A number of
exogenous factors contributed to this poor growth
performance. Domestically, climate variations such as a
prolonged drought in the Western Cape where harvests were
delayed exerted a huge toll on agricultural production.
Externally, mounting trade tensions between the United
States and China, and tightening global financial conditions
contributed to slowing the pace of foreign financial inflows
to South Africa while lessening the demand for its exports.
Rising world oil prices also exerted strong pressure on the
balance of payments and domestic prices, depressing private
consumption. These negative developments, however, do not
conceal the fact that South Africa's growth challenge
is deep-seated and largely structural. To grow faster and
sustainably, the economy will need to be more inclusive,
requiring the participation of a greater share of the
population mainly through job creation. Furthermore,
persistent inequality of income and of opportunity will
continue to raise pressures for redistribution of limited
resources that are drawn from a small tax base. Radical
policy demands are more likely in a stagnant economy, fuel
policy uncertainty and deter private investment. At the
Presidential Jobs Summit and the South African Investment
Conference held in October 2018 agreements were made on
actions that are expected to enable job creation and to
attract higher levels of investment, including interalia,
education and skills interventions, and initiatives to
reduce policy uncertainty on land reform, mining and black
economic empowerment. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
South Africa Economic Update : Tertiary Education Enrollments Must Rise |
| title_short |
South Africa Economic Update : Tertiary Education Enrollments Must Rise |
| title_full |
South Africa Economic Update : Tertiary Education Enrollments Must Rise |
| title_fullStr |
South Africa Economic Update : Tertiary Education Enrollments Must Rise |
| title_full_unstemmed |
South Africa Economic Update : Tertiary Education Enrollments Must Rise |
| title_sort |
south africa economic update : tertiary education enrollments must rise |
| publisher |
World Bank, Pretoria |
| publishDate |
2019 |
| url |
http://documents.worldbank.org/curated/en/173091547659025030/South-Africa-Economic-Update-Enrollments-in-Tertiary-Education-Must-Rise http://hdl.handle.net/10986/31241 |
| _version_ |
1764473871118893056 |