Answer to Question #228433 in Macroeconomics for Unathii

Question

How successful was the New Growth Path in influencing economic growth and development in South Africa

Answer 1

The new growth plan influenced in economic growth and development in South Africa through the following.

1. It supported the expansion in construction and the production of technologies for solar, wind and biofuel which will increase source energy for industries.

2.It foreseen the establishment of a state mining company concentrating on benification and enhanced resource exploitation.

3.It helped in re industrialization in the south African economy based on improving performance through innovation skills development and reduced input costs in the economy.

4.The government committed to cut wasteful spending , tackle corruption and align the allocation of public money with development priorities.

5.It called for measures to make it easier to import scarce skills by streamlining the work permit and visas system which helped in development of areas where locals lacked knowledge