Economy Can't Grow

Unemployment stayed high and rand continued with its volatility in 2024.

- Ina Opperman

Although many people had high hopes for the South African economy in 2024, the country's GDP did not grow as everybody hoped, while unemployment remained high and the rand continued its volatility.

South Africa's economic landscape was bleak for the better part of a decade, Bianca Botes, Citadel Global director, said.

"Gross domestic product (GDP) growth averaged less than 1% per year, plagued by logistical challenges, crime, corruption and gross mismanagement," Botes said.

"The energy crisis eroded investor confidence and the political scene was equally troubling, leading to a loss of public trust. However, the formation of the government of national unity (GNU) has so far exceeded expectations and offers some hope."