While much of the developed world is struggling to recover from the debilitating crises of the past few years, sub-Saharan Africa is experiencing an economic renaissance of sorts. According to the January 2013 update of the International Monetary Fund’s World Economic Outlook, sub-Saharan Africa is expected to grow an impressive 5.8% in 2013 and 5.7% in 2014. Only developing countries in Asia are forecast to have a higher growth rate over this period.
South Africa, the region’s largest economy, is not unfamiliar with strong growth. Since 2000, its GDP has climbed an impressive 45.7%, and its inclusion among the BRIC countries in 2010 solidified its status as a major player, both at the regional and global levels. However, in order for the country to continue its transition to a middle-income economy and ultimately reach its full potential, it will have to address a number of pressing social, political and economic issues.
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