WHILE South Africa’s economy is seeing a rebound, post-Covid-19 lockdown, it is lagging behind other comparable countries, says Finance minister Tito Mboweni.
Speaking at the Rotary Africa Centennial Conference on Sunday (25 April), Mboweni said South Africa’s real GDP per capita stopped growing in 2007 and has fallen to its 2005 level.
Real GDP per capita is a measurement of the total economic output of a country divided by the number of people and adjusted for inflation. It’s used to compare the standard of living between countries and over time.
In contrast to South Africa, other emerging markets have more than doubled per capita income over the past two decades, Mboweni said. He added that South Africa’s decline reflects low economic growth combined with relatively fast population growth.
Covid-19 and the impact on economic growth has further worsened these trends, he said.
Mboweni added that enabling embedded generation projects within the
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