Under the new policy, the report notes that the demand for PSET and TVET could increase the demand for university studies by 23% and for TVET by 88%. English PDF 12.18MB. South Africa’s political transition is known as one of the most remarkable political feats of the past century. GDP growth (annual %) - South Africa from The World Bank: Data The Southern Africa economy is projected to grow slower than others in the continent —at 2.2percent in 2019 and 2.8 percent in 2020. The World Bank is the first key institution to cut its economic growth forecast for South Africa to below 1% for 2020 due to electricity supply concerns. South Africa announced Wednesday that it has cut its economic growth forecast for 2020 by around half. Power outages are taking a toll on the South African economy, and fiscal pressures mean the country could well lose its investment-grade credit rating. Kambou, Gerard. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. A second $7.0 million SECO BETF agreement is being prepared in close coordination with National Treasury. The Worldwide Governance Indicators (WGI) are a research dataset summarizing the views on the quality of governance provided by a large number of enterprise, citizen and expert survey respondents in industrial and developing countries. It asserts that strengthening the quality of education in Technical Vocation Education and Training, community colleges distant education institutions and historically disadvantaged universities will increase enrollment and expand admission capacity in a sustainable manner. The earlier-commissioned units are experiencing latent defects, which Eskom is working with the contractors to resolve. This site uses cookies to optimize functionality and give you the best possible experience. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. The 12th edition of the South Africa Economic Update: Tertiary Education Enrollments Must Rise: shows that enhancing South Africa’s socio-economic inclusion through equitable access to the tertiary education in a tight fiscal environment will require rebalancing financial support to students with comprehensively improving the quality and admission capacity of country’s post school education and training system. As South Africa strives towards fostering economic growth, and addressing its most pressing development challenges of poverty, inequality and unemployment, the update predicts South Africa’s growth to accelerate to 1.3% in 2019 and 1.7% in 2020, driven by the implementation of the structural reforms announced in 2018. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. The World Bank’s strategy in South Africa reflects the country’s development priorities and its unique leadership position at sub-regional and continental levels. South Africa Economic Update : Focus on Savings, Investment, and Inclusive Growth . The 2020 Atlas of Sustainable Development Goals: Stories and insights through innovative visuals. Unemployment, total (% of total labor force) (modeled ILO estimate) from The World Bank: Data RECENTLY UPDATED DATASETS. Author(s) Zeufack, Albert G. Calderon, Cesar. The South African economy grew by 1.3% in 2017 and 0.8% in 2018. Nov 16, 2020. If you continue to navigate this website beyond this page, cookies will be placed on your browser. As South Africa strives towards fostering economic growth, and addressing its most pressing development challenges of poverty, inequality and unemployment, the update predicts South Africa’s growth to accelerate to 1.3% in 2019 and 1.7% in 2020, driven by the implementation of the structural reforms announced in 2018. One way to avert disaster is for gover… c b. Tweet Like Share # Shares: 0. As the quality of TVET and community college education improves, the report notes that the high private rate of return to PSET would make such proposal equitable, sustainable, rewarding and safe for new students’ cohorts to enroll in universities, TVET and community colleges. Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. If the inability, or severely limited capacity, to produce and export oil might well prevail over the rest of 2020 despite the recent efforts to restart the production, Libya is expected to produce a daily average of only 0.17 million barrels in 2020, which is less than one seventh of last year’s production. Recent developments: Although the South Asia region has witnessed a smaller number of COVID-19 cases than many other regions, touris m activity has faded, and domestic pandemic mitigation measures are weighing heavily on short-term economic … Economy & Growth from The World Bank: Data. The latest economic analysis for the region predicts predicts economic activity will decline by 3.3 percent in 2020, confirming the region’s first recession in 25 years. Acting too soon risks reigniting the outbreak. The above complements the ongoing financial support from SECO (additional $9 million Bank-executed trust fund (BETF) signed in September 2015), in addition to a parallel engagement with the Ministry for Cooperative Governance and Traditional Affairs ($2.2 million BETF), focusing on secondary and fast-growing cities. Global Economic Prospects: South Asia. The economic impact of the coronavirus pandemic will send personal incomes in Nigeria, Africa’s largest economy, back four decades, the World Bank has warned. The World Bank projects 2019 growth at 1.3%, accelerating further to 1.7% in 2020. In Nigeria and South Africa—the two largest economies in the region—output fell sharply last year. It was internally peer reviewed by Dino Merotto (Lead Economist, Jobs Groups) and Maurizio Bussolo (Lead Economist, … We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. The World Bank has cut South Africa’s growth forecast for 2019 through to 2021, citing weak investor sentiment and lingering policy uncertainty. Battery storage will assist in improving utilization of energy generated from variable renewable energy sources under the RE IPP program. World Economic Outlook Update, June 2020: A Crisis Like No Other, An Uncertain Recovery June 24, 2020 Description: Global growth is projected at –4.9 percent in 2020, 1.9 percentage points below the April 2020 World Economic Outlook (WEO) forecast. World Bank Country Director for South Africa I am pleased to launch this 10th South Africa Economic Update which offers a review of the country’s recent economic and social developments and its outlook in the context of global economic prospects. Macroeconomic performance and outlook Real GDP grew at an estimated 0.7% in 2019, down from 0.8% in 2018, and is projected to rise to 1.1% in 2020 and 1.8% in 2021 amid domestic and global downside risks. Africa’s poorest countries saw little to no progress on average in improving the quality of their policy and institutional frameworks in 2018. The CPS is demand-driven and centered on knowledge and technical cooperation as well as support to the implementation of the ongoing lending program in energy and the environment. Metadata. World Bank East Asia and Pacific Economic Update, April 2020 : East Asia and Pacific in the Time of COVID-19 World Bank (2020-03-30) The COVID-19 virus that triggered a supply shock in China has now caused a global shock. JOHANNESBURG. Political parties negotiated coalition deals that saw the ANC unseated in the cities of Johannesburg, Pretoria and Nelson Mandela Bay. With nine out of 10 prospective students eligible for support, the report notes the tertiary education plan will exert pressure on an already stretched fiscus, limiting South Africa’s ability to both expand enrollment in institutions of higher learning and improve the quality of education. South Africa announced Wednesday that it has cut its economic growth forecast for 2020 by around half. South Africa The Human Capital Index (HCI) database provides data at the country level for each of the components of the Human Capital Index as well as for the overall index, disaggregated by gender.