Recent events in South Africa’s mining sector, while tragic, are also symptomatic of wider economic problems that are likely to mean the country falls short of achieving its significant growth potential over the next decade. We believe that South Africa will continue to muddle along at growth rates of around 3%, despite having the capacity to achieve around 5% with the aid of supply-side reforms. Accordingly, it will continue to be outperformed by other emerging markets, particularly those in sub-Saharan Africa, but also those in Asia.
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