South Africa recently lost its top spot as Africa’s biggest economy to Nigeria. That is after Nigeria changed how it calculated gross domestic product data – a move advised by the World Bank.
South Africa, Nigeria and Egypt account for half of Africa’s GDP. That is the market value of all goods and services produced. South Africa is one of four African countries ranked as an upper-middle class economy by the World Bank. Economic growth surged after white-majority rule and apartheid ended in 1994. The International sanctions were lifted — and the country’s growth tripled.
But high unemployment, weaker exports, corruption, and labor strikes are challenges to growth. CCTV Correspondent Guy Henderson reports from South Africa on the elections in the country and what’s next for the nation’s citizens and economy.
South African Elections: Impact on EconomySouth Africa recently lost its top spot as Africa's biggest economy to Nigeria. That is after Nigeria changed how it calculated gross domestic product data - a move advised by the World Bank.CCTV Correspondent Guy Henderson reports from South Africa on what's next for the country's citizens and economy.
South Africa is also struggling with high unemployment and young South Africans are the most vulnerable. Despite the government’s efforts to help workers learn the new skills, lack of opportunities is a major problem. CCTV reporter Sumitra Nydoo reports.