A research report submitted to the Faculty of Commerce, Law and Management of the University of the Witwatersrand, Johannesburg in part fulfillment of the requirements for the degree of Master in Management in Public and Development Management, 2018 / The regional economic integration is a positive process at work in the world economy, as it acts as an effective vehicle for trade and economic and financial globalization, thereby fostering growth. Regional economic integration is also a reflection of the diversity of economies and their histories, and it is notable that the process follows markedly different patterns across the world. Africa like all other continents, has developed a rational response to the difficulties faced by a continent with many small national markets, challenges of geopolitics and landlocked countries to address these shortcomings. African governments have over the years developed strategies, and from that concluded a very large number of regional integration arrangements, to drive this idea. The Development Finance Institutions (DFI’s) play, a positive and significant role in fostering economic growth and with the impact being stronger in low to medium income countries than in higher income countries. Financial investment has a huge role in the economic growth and in turn economic development. In their nature, DFI’s have an additional role, that of, bridging the gap that arise, as a result of commercial banks not able to finance infrastructural needs (soft and hard), creativity and innovations, that will lead to meaningful regional economic integration. However, it is not clear whether the regional DFI’s are having any specified, significant role in the regional economic integration agenda, hence this research. The aim of this research is to investigate the effectiveness roles of the DBSA, in the regional economic integration, in the Southern African Development Community (SADC). This study approach, focuses on three (3) main questions which are aimed at determining the effectiveness of the DBSA’s roles in the regional economic integration. The secondary questions are a supporting instrument to the initial question and the questions are meant to find out about factors hindering the effectiveness of the supporting roles of DBSA in the SADC’s regional economic integration. In endeavoring to determine the structural challenges faced by the DBSA, in the SADC region, the investigations explored the interventions and or measures that would improve the bank’s supporting roles, especially because of its developmental importance in the region. To carry out this exploratory study, the investigation followed a qualitative research approach, as a framework and structured face to face interviews and document analysis were also used. Almost all respondents sighted that the major roles of the DBSA in the regional economic integration in SADC to often be associated with resource mobilization and financing of regional infrastructures in SADC, identification of areas for cooperation to facilitate the economic development of SADC and influencing policy development through research and information exchange and sharing. Most of the interviewees, emphasized that the DBSA, has done extremely well in providing both technical and financial support to the SADC in their endeavor to facilitate for the regional economic integration. Simultaneously, most interviewees agreed again, that the, hindrances and or limiting factors to the effectiveness of the supporting roles of DBSA in the SADC’s regional economic integration, have been the inhibiting inherent heterogeneity of SADC countries, inability of the SADC to hold member states accountable and responsible, lack of political will to implement the integration, legal factors, and significant reliance on grants and foreign funding. The results shows that DBSA has been found to be very technically able to deal with support in the regional economic integration. This result suggest that the SADC leadership should consider revising the roles, and the funding model of the DFI’s for the benefit of the regional economic integration agenda. / XL2019

Thesis (MBA)--Stellenbosch University, 2008. / ENGLISH ABSTRACT: The improvement of economic growth and development is a strategic priority for the South African government. It is important in all developing economies, but more so in South Africa due to the abnormally high levels of poverty, unemployment and income inequality. Substantive failure in addressing these circumstances may lead to social unrest in a democracy that is still in many respects in its infancy. AsgiSA is an initiative that was launched in 2006 as a further development on the first two developmental strategies followed post 1994, namely the Reconstruction and Development Programme and the Growth, Employment and Redistribution strategy. This research study sets out to examine the background to AsgiSA, its binding constraints and challenges facing the initiative. In doing so, the report draws comparisons with two other successful developing economies, namely Chile and Malaysia. These countries were chosen because of the social, economic and political similarities they share with South Africa. The report examines the concept of binding constraints as espoused by AsgiSA and focuses specifically on the volatility and level of the rand, the skills constraint and the regulatory environment. The research shows that there is no compelling evidence that a particular level of the rand should be targeted. The volatility of the rand is however a constraint to economic growth as represented by export growth. The shortage of suitable skills in the labour force is found to be a significant constraint to economic growth and development. The origin of this skills constraint is found in a combination of the economic and political history. South Africa's economic and political development path did not promote a diversified and skilled labour force which is well placed to capitalise on the opportunities of global trade. The lack of educational advances after 1994 has not improved this dilemma, and in recent years immigration has exacerbated the problem. Together with the skills constraint, the current regulatory environment acts as a significant constraint to economic growth. The regulatory burden is increasing and it was found that the burden is disproportionately carried by medium and small enterprises. A comparison with the successes of Chile and Malaysia shows that government has a very important role in facilitating economic growth in developing countries. Market oriented policies aimed at regulatory reforn, liberalisation and integration with the world economy lead to superior economic growth and development. The ability to change and even abandon strategies which prove to be unsuccessful and laden with ideology is required. AsgiSA is found to be a sound approach to economic growth and development in South Africa. With the exception of the level of the rand, the constraints identified all have significant negative influences on the economy. The document has however not been followed up with enough concrete and practical plans to give effect to its objectives. To ensure AsgiSA reaches its objectives it will be necessary for the government to act with political will and administrative competence in implementing the reforms that address the binding constraints. It is doubtful if the current government possesses the will and competence to give effect to the measures that will make a success of Asgisa. / AFRIKAANSE OPSOMMING: Die bevordering van ekonomiese groei en ontwikkeling is 'n strategiese prioriteit van die Suid-Afrikaanse regering. Belangrik vir alle ontwikkelende ekonomiee, is dit veral die geval in Suid-Afrika weens die hoe vlakke van werkloosheid, amnoede en inkomste ongelykhede. Wesenlike mislukking om hierdie probleme aan te spreek kan lei tot sosiale onrus in 'n demokrasie wat in vele opsigte in sy kinderskoene staan. AsgiSA is geloods in 2006 en is 'n uitbreiding van die eerste twee ekonomiese strategiee wat gevolg is na 1994, naamlik die Heropbou-en Ontwikkelingsprogram en die Groei-, Indiensneming- en Herverdelingstrategie. Hierdie studie het ten doel 'n ondersoek na die agtergrond van AsgiSA, die geidentifiseerde beperkings en die uitdagings van die inisiatief. Die studie tref vergelykings met twee suksesvolle ontwikkelende ekonomiee, naamlik Chile en Maleisie. Hierdie lande is gekies weens sosiale, ekonomiese en politieke ooreenkomste met Suid-Afrika. Die studie ondersoek die beginsel van bindende beperkings soos verval in AsgiSA en fokus op die vlak en wisselvalligheid van die rand, die gebrek aan vaardighede en die regulatoriese omgewing. Daar word bevind dat daar geen sterk bewyse is dat die vlak van die rand 'n langtermyn beperking op ekonomiese groei het nie. Die wisselvalligheid van die rand dien egter as 'n beperking op ekonorniese groei soos veral verteenwoordig deur groei in uitvoere. Die tekort aan geskikte vaardighede in die arbeidsmark is 'n wesenlike beperking tot ekonomiese groei en ontwikkeling. Die ontstaan van hierdie beperking is te wyte aan die ekonomiese en politieke ontwikkelingsgeskiedenis van Suid-Afrika. Hierdie ontwikkelingsgeskiedenis het nie gelei tot 'n gediversifiseerde en vaardige arbeidsmark wat die geleenthede van internasionale handel kan benut nie. Die gebrek aan vordering in die kwaliteit van opvoedkunde na 1994 en die huidige tendens van geskoolde immigrasie vererger die probleem. Tesame met die vaardigheidstekort dien die huidige regulatoriese raamwerk as 'n wesenlike beperking op ekonomiese groei. Die regulatoriese raamwerk dien as 'n las wat veral op klein en medium besighede ernstige beperkings plaas. 'n Vergelyking met die sukses van Chile en Maleisie toon dat regerings in ontwikkelende ekonomiee 'n belangrike rol speel in ekonomiese ontwikkeling. Markgerigte beleid gemik op regulatoriese hervorming, liberalisering en integrasie met die wereldekonomie lei tot hoer ekonomiese groei en ontwikkeling. Daar is ook getoon dat die vermoe om ideologiese beleid wat nie suksesvol is nie aan te pas of te laat vaar noodsaaklik vir sukses is. Die gevolgtrekking word gemaak dat AsgiSA 'n goeie vertrekpunt tot ekonomiese groei en ontwikkeling is. Met die uitsondering van die vlak van die rand het die geidentifiseerde beperkings 'n wesenlike negatiewe invloed op die ekonomie. AsgiSA word egter nie opgevolg met voldoende praktiese en konkrete planne om die doelwitte te behaal nie. Om te verseker dat die AsgiSA doelwitte behaal word is dit nodig dat die regering met politieke en administratiewe bedrewenheid hervormings deurvoer wat die beperkings aanspreek. Dit is te betwyfel of die huidige regering oor die politieke wil en bevoegdheid beskik om die nodige maatreels aan te gaan wat AsgiSA se sukses sal verseker.

Thesis (MBA)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: The aim of this study is to calculate and analyse GDP multipliers for the South African economy from input-output tables for seven data sets for the 1980-2010 period. The paper commences with a discussion of the nature, limitations, uses and underlying assumptions of input-output tables, followed by a presentation of the basic input-output model. The theory and methodology of the calculation of output multipliers is discussed. The basic open and closed model methods used in this study are developed and distinguished. All the steps of the basic calculation of the multipliers are explained within the context of the two mathematical models used. The four sets of multipliers generated by the model, namely simple GDP multipliers, simple type II GDP multipliers, total GDP multipliers, and total type II GDP multipliers are discussed and analysed for all seven data sets. The most significant trend identified is the steady decline in the value of the total GDP multiplier over the three decades reviewed. This is primarily attributed to the increasing openness of the South African economy following the end of the apartheid era. The composition of the total GDP multipliers, in terms of the relative and absolute proportions of the direct, indirect and induced impacts are presented and analysed. The decline in the value of the total GDP multiplier was primarily due to a reduction in the relative and absolute contribution of the induced effect over the period reviewed. This trend reflects the structural changes in the South African economy, the hallmark of which is the decline in the secondary industries, whose declining profitability was due to increased competitive discipline. This trend was compounded by overvalued and volatile real exchange rates, and resulted in low levels of investment and employment creation in this sector. An examination of the intra-sector multipliers for the same period also showed a marked and consistent declining trend in the multiplier effect over the period under review. This was especially pertinent in the case of the secondary industries, for which a very similar pattern emerged across industries, with the time paths of the mean multiplier effect showing a very similar movement for almost all manufacturing industries. It is suggested that policy makers should consider the significance and desirability of these structural changes. A combination of monetary and fiscal policy measures could do much to revitalise South Africa’s ailing manufacturing sector. The turnaround thereof could aid government’s objectives of employment creation and economic growth. / AFRIKAANSE OPSOMMING: Die doel van hierdie studie is om, op grond van inset-uitset tabelle, BBP vermenigvuldigers vir die Suid Afrikaanse ekonomie te bereken en te ontleed, vir die 1980-2010 periode. Die skripsie begin met ‘n bespreking van die aard, beperkings, gebruike en onderliggende aannames van inset-uitset tabelle, gevolg deur ‘n voorlegging van die basiese inset-uitset model. Die teorie en metodologie van die berekening van uitset vermenigvuldigers word bespreek. Die basiese oop en geslote model metodes wat in die studie gebruik word, word ontwikkel and onderskei. Al die stappe in die basiese berekening van die vermenigvuldigers word verduidelik binne die konteks van die wiskundige modelle wat hier gebruik word. Die vier stelle vermenigvuldigers wat deur die model gegenereer word, naamlik die eenvoudige BBP vermenigvuldigers, die eenvoudige tipe II BBP vermenigvuldigers, die totale BBP vermenigvuldigers en die totale tipe II BBP vermenigvuldigers, word bespreek en ontleed vir al sewe data stelle. Die volgehoue dalende tendens van die totale BBP vermenigvuldiger, is die betekenisvolste tendens wat hier waargeneem is. Dit word primêr toegeskryf aan die toenemende “oopheid” van die Suid-Afrikaanse ekonome na die einde van die apartheid era. Die samestelling van die totale BBP vermenigvuldigers, in terme van die relatiewe en absolute proporsies, van die direkte, indirekte en afgeleide impak word gewys en ontleed. Die daling in die waarde van die totale BBP vermenigvuldiger, kan grootliks toegeskryf word aan ‘n afname in die relatiewe en absolute bydrae van die afgeleide effek oor die relevante periode. Hierdie tendens wys op die strukturele veranderinge binne die Suid-Afrikaanse ekonomie, wat gekenmerk is deur die kwynende bydrae van die sekondêre industrieë, veral weens hul dalende winsgewendheid wat toegeskryf kan word aan ‘n toename in internasionale kompetisie. Hierdie tendens word versterk deur ‘n oorgewaardeerde en onstabiele reële wisselkoers wat aanleiding gee tot laer vlakke van belegging en werkskepping in hierdie sektor. ‘n Ontleding van die intra-industrie vermenigvuldigers wys verder op ‘n volgehoue en dalende tendens in die vermenigvuldiger effek oor die hele termyn. Dit is weereens veral pertinent in die geval van die sekondêre industrieë, waar ‘n baie soortgelyke patroon te voorskyn kom vir byna die hele sektor. Dit word voorgestel dat beleidmakers die belangrikheid en wenslikheid van hierdie strukturele veranderinge in oënskou sal neem. ‘n Kombinasie van monetêre en fiskale beleidsmaatreëls kan baie doen om die kwynende plaaslike vervaardigingsbedryf te ondersteun, en ‘n meer lewensvatbare bedryf kan die owerheid help om sy doelwitte van groei en werkskepping te bereik.

Thesis (MDF)--Stellenbosch University, 2015. / ENGLISH ABSTRACT: The traction of Foreign Direct Investment (FDI) has been viewed as a viable strategy for growing the economy and for solving such challenges as unemployment, the acquire skills and technology transfer. Many developing economies have implemented a number of macro-economic policies with the aim of boosting their economies. South Africa has, similarly, implemented a range of policies – including incentives aimed at attracting FDI. This study analyses the inward trends of FDI for South Africa and the key determinants of FDI. The study uses as variables annual key economic indicators such as gross domestic product (GDP), government size (GOVSIZ), export/import trade, the exchange rate, inflation and the interest rate, for the period 1970 to 2013. The study reviews global FDI trends and their geographic distribution as well as FDI trends in Africa and in key sectors, including FDI trends and FDI policy in South Africa. The literature review analyses the fundamental theories of international trade and foreign investment. A number of empirical researches indicate that factors such as skilled labour, infrastructure, financial development, political stability, market size, natural resources and better economic management (comparatively speaking) are key determinants for FDI. Following the theoretical review, the formulation of an empirical model to estimate the empirical determinants of South African FDI is discussed. The use of Johansen cointegration and the vector error correction model (VECM) framework is described. The discussion of cointegration analysis includes the use of impulse response and decomposition analysis to establish the long- and short-run determinants of FDI in South Africa. The results from the trend analysis showed that South Africa is still performing poorly in terms of receiving FDI when compared to other developing countries in regions such as Latin America and South Asia. The information and communications technology (ICT) and financial services sector are currently the major recipient of FDI, followed by manufacturing and mining. The USA, followed by the UK, are the primary sources of FDI in South Africa. The empirical results showed that FDI, GDP, GOVSIZ, trade, inflation, exchange and return on credit were long-run determinants. The VECM results revealed that GDP, GOVSIZ, trade openness and return on credit tend to have a positive impact on FDI, whereas the exchange rate and inflation have a negative impact on it.

M.Comm. / International studies have indicated that a high ratio of investment relative to Gross Domestic Product (GOP) is one of the most important preconditions for achieving sustainable high economic growth. For the South African economy to achieve a high employment and economic growth rate, it requires two further important factors, namely a sustained increase in productivity and an expansion of production capacity. Poor levels of investment performance, coupled with a lack of skilled labour, are the main reasons for restricted expansion in the country's growth potential and declining job opportunities. Keynes, (1936:30) argued that employment cannot increase without investment increasing, and strongly declared that the level of investment determines the level of employment. In his analysis, Keynes (1936:30) concluded that investment is a driving force for economic growth. Investment expenditure can be divided into four categories: - infrastructural investment in the public sector;- infrastructural investment in residential construction; - business fixed investment; and - the net change in the business inventories. This study examines Gross Domestic Fixed Investment and focuses mainly on private fixed investment as a driving force for economic growth for many years, GOP growth has been declining; unemployment has increased...

Since the initial research was begun on this dissertation, the role of intervention by the State in the economic affairs of a country has assumed renewed topicality. While much of the impetus for this interest in the subject can be related to the bicentennial anniversary of the appearance of 'The Wealth of Nations', the emergence of certain political and economic problems in the South African context has been responsible for the increased controversy in this country. While recognising that che field of state intervention in the South African economy is so widespread and its effects, in many cases, so indirect that detailed and objective analysis of every avenue of intervention is impossible within the confines of the present study, the researcher has attempted to analyse the effects of the State's policy of intervention (in the form of industrial protection) on industrial growth in South Africa. This has been done m an endeavour to relate how some of the current economic problems faced by the country can possibly be attributed to such policy. The method involved in the study consists initially of an attempt to justify economic intervention by the State. Applying this rationale to the policy of industrial protection in South Africa after the first quarter of this century, the conclusion that emerges, is that, although much of the initial arguments for protection were clouded by political considerations, there were several Important economic arguments for Industrial diversification that warranted the State protecting certain industries, It appears highly unlikely that secondary Industry in South Africa would have grown to the extent that it did, after the first quarter of this century, in the Absence of che tariff and other protective policies followed by the State, Similarly, it can be argued, that many of the problems that recently have manifested themselves would not have occurred were it not for the persistence and continuation of such policies beyond the initial period. Growth in secondary industry continued on a rapid basis until the nineteen sixties after which there was a levelling off and the economy began to suffer severe unemployment problems coupled with persistent deficits in the current account of the balance of payments. The study attempts to analyse these problems according to the type of protective policies pursued by the State during this period. The pattern of tariff protection in South Africa is analysed both on a historical basis, (according to various investigations into such policy over time) and on an effective basis (according to two recent attempts at this type of measurement that have recently become available), In addition, the study attempts to relate the predictions of some of the theoretical literature on effective protection and patterns of industrialisation to the South African situation. The broad conclusion that emerges is that the nature of protective policies in South Africa appears to have been such as to have induced a specific type of import substitution which although 'initially responsible for high levels of growth is presently proving restrictive, In addition, one can attribute the importation of vast amounts ef capital goods as well as the lack of exports ef manufactured goods to such policies, The major recommendation that emerges from the study is that, given the present situation in South Africa, a possible way for the country to recover from some of its present problems as regards unemployment and balance of payments difficulties is for the State to modify its protective policies. In addition, it is suggested that this modification be framed in such a way as to increase the level of tariff protection on more intermediate stages of the productive process. While this may encourage a greater amount of import substitution at these stages it may well induce local producers to substitute labour for capital and thus reduce the heavy reliance on imported capital goods that appears to be characterising local production. By encouraging the use of one of the country's most abundant resources, viz. labour, the country may yet develop a considerable comparative advantage that may facilitate exports of manufactured goods.

A thesis submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, Johannesburg, in fulfilment of the requirements for the degree of Doctor of Philosophy. / This research is a contribution to the field of development evaluation. Much of the evaluation practice in development and public policy remains weak in scientific validity, and challenged by issues of attribution and comparability of results across different studies. After an in-depth review of the existing literature and an analysis of the current shortfalls and knowledge gaps in programme evaluation, the research proposes a methodological framework that allows for the empirical measurement and comparison of the impact of diverse types of interventions aimed at addressing a specific outcome of interest. The evaluation framework informs decision-making in social-economic development processes, by combing elements of theory-based counterfactual evaluation, multiple-treatment meta-analysis, mixed methods, and participatory approaches. The evaluation framework is tested in South Africa by utilising the proposed package of methods through two case studies presented in this thesis, to generate evidence for policy-makers, programme managers, and investors operating in the education sector. The first is an evaluation of the impact of the corporate social investments of Anglo American Platinum in Limpopo and North West provinces, that utilised geo-spatial features of mining operations to conduct a quasiexperiment. The second is a comparative analysis of major interventions implemented in South Africa to improve learning outcomes in public schools. The education meta-analysis is the first of its kind to be conducted in South Africa, and has revealed many locally-produced impact studies which had not previously been captured by international reviews on school interventions in developing countries. The empirical work conducted in this research confirms existing theories and reveals new insights into the role of the private sector, the proximity of schools to mines, psycho-social and economic factors, learner age and home language, educational material, quantity and quality of teachers, school management, and accountability systems, in affecting education outcomes. The research highlights some of the programmes and policies which have been most effective in South Africa’s schooling sector, while cautioning about the contextual factors and methodological design features which influence the effect sizes being reported in the evaluations of development interventions. The research concludes by reflecting on the experiences, data and cost analysis challenges, and the lessons learnt from the application of the proposed evaluation approaches in South Africa’s education sector. It discusses the limitations of the framework, and how this can be further refined for future use in other countries, sectors, and development policy contexts. / GR2018

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand Business School, in partial fulfilment of the requirements for the degree of Master of Management in Entrepreneurship and New Venture Creation 28th July 2015 / In South Africa today there are many rural economies in decline. Despite the recognition internationally, since the 2nd World War internationally and since 1994 in South Africa specifically, of the value that can be added by specifically targeting Local Economic Development and Entrepreneurship as strategies for an answer to the decline in local economies, success has been limited. More success has in fact been seen in rural communities that have developed through the natural flows of the market than from direct intervention. This progression takes a long time though and the South African situation with all its history cannot wait this long for development. The question asked is why interventions fail, what are the basic factors that make up the local economic development paradigm and how are they affecting the interventions. Information is key to planning and planning is key to successful interventions. A literature review is done in order to establish the basis of LED historically, theoretically and specifically with regards to the South African rural environment, in order to assist in the development of the information required for successful planning of LED interventions. With the most prominent factors derived from this literature review tabled and applied into established Case Study models, a questionnaire is developed for application into rural economies through Community Entrepreneurship programmes or LED vehicles. In order to establish firstly the relevance of the factors and secondly the relevance of the questionnaire, it is reviewed, scored and commented on by a select group of industry practitioners in LED. The opinion of these individuals further validates the use of the factors and questionnaire in baseline LED intervention planning.

Research Report for the Degree of Master of Arts in Political Studies Graduate School for Humanities and Social Science University of the Witwatersrand Submitted: March, 2015 / This dissertation delves into the contested post-1994 transition to deliver economic justice and development in South Africa, particularly the country’s more recent quest to emulate the interventionist economic strategies successfully implemented in South East Asia. It follows from the governing African National Congress (ANC) being one among a few governments that have explicitly committed themselves to building a developmental state. Among some of its intentions, such a state aims to alter market incentives, reduce risks, offer entrepreneurial visions and manage conflicts. Specifically, the research study examines the role of industrial sector planning in South Africa as a component of a developmental state. In the 20th century East Asian developmental states, also known as early generation developmental states, such selective industrial policy was characterised by close ties between government and business that facilitated the sharing of information. These countries – Japan, South Korea, Taiwan, Hong Kong and Singapore - were also distinguishable by the ability of the state to “discipline” capital through treating incentives, not as “gifts” but as enforceable performance contracts. The paper is split into three parts. Part 1 looks at the origins and evolution of the concept of a developmental state, along with key elements of such a state and their applicability to South Africa. Part 2 traces South Africa’s association with industrial sector planning, from the Jan Smuts era, through Hendrik Verwoerd until the Jacob Zuma administration. Part 3 is a case study that examines two particular sectors, the automotive industry and the business process outsourcing (BPO) sector (consisting of offshore call centres and related activities) to gauge the level of corporatism, along the state’s ability or desire to “discipline” or “reward” companies in pursuit of its industrialisation goals.

Local Economic Development (LED) is one of the primary building blocks in terms of the economic growth and development equation for the Province. The primary challenges LED has the potential to address include the following: Job creation, the building of an enabling environment that will encourage economic engagement by a larger number of local entrepreneurs, drawing together a number of critical partners and mobilising their energies and resources towards local economic growth and development, facilitating access to finance, markets, capacity building and business support services, creating the environment which will effect economic viability of local communities and their Local Authorities, linking local product development to provincial, national and international markets. There are many other fundamental challenges. The key issue though is whether people in their communities, especially rural and peripheral environments, are benefiting in real terms regarding the quality of their lives. The LED programme will also give effect to the “Growth, Employment and Redistribution: A Macro Economic Strategy” framework that outlines the strategy for rebuilding and restructuring the South African economy. The document confirms Government’s commitment: “It is Government’s conviction that we have to mobilise all our energy in a new burst of economic activity. This will need to break current constraints and catapult the economy to higher levels of growth, development and employment needed to provide a better life for all South Africans.” (1996:2)