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Working Paper 150 - South Africa’s Quest for Inclusive Development
The end of apartheid and the coming to power of the African National Congress (ANC) redefined the development paradigm in South Africa. The new government, after many years of social and economic malaise, adopted a neoliberal view on economic development.2 As a first step, prudent macroeconomic policies combined with political stability had positive effects on investment and GDP growth. To foster inclusion, the government launched the Black Economic Empowerment (BEE) program in order to address the huge racial economic inequality inherited from the apartheid regime. Democracy, together with macroeconomic stability helped to transform South Africa into a regional economic power with a strong influence in Africa and around the world. In 2011, the country joined the BRICS (Brazil, Russia, India, China and South Africa) as an emerging economy with an important regional influence.