What SA needs to fix, according to World Bank
The World Bank has listed five binding constraints that SA must address if it wants to make inroads into poverty and inequality before patience runs out
The World Bank has for many years been criticised for being too prescriptive about the economic policies that countries should follow. In producing a new diagnostic report on SA it has been careful not to make the same mistake. Bank officials engaged in a two-year process of consultation during which they met business chambers, township youth and organised labour, and drew on the expertise of national treasury, the national planning commission (NPC) and the cream of SA’s academic community. The report, "An Incomplete Transition: Overcoming the Legacy of Exclusion in SA", finds that though poverty has declined significantly since 1994, inequality has risen and SA remains the world’s most unequal country. So, despite the progress in granting political and civil rights to all citizens, and in increasing access to basic services and social assistance, SA’s economic transition still has a way to go. High levels of inequality and the legacy of exclusion hamper the country’s ability to gro...
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