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Cambridge Journal of Economics 23:795-811 (1999)
Copyright © 1999 Cambridge Political Economy Society

Article

Commentary. Stuck in low GEAR? Macroeconomic policy in South Africa, 1996-98

J Weeks

CDPR, SOAS, Thornhaugh Street, London WC1 0XG, UK
E-mail: jw10@soas.ac.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, or 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.

Key Words: Developing countries • Macroeconomic policy • South Africa


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