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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
South Africa GDP Growth (1961-2023)
South Africa’s economy experienced robust growth in the 1960s and 1970s, reaching 7.9% in 1964. The late 1980s brought contractions, and post-apartheid growth remained moderate. The 2009 global financial crisis caused a -1.5% decline, while the COVID-19 pandemic led to a -6.0% contraction in 2020. Recovery was strong in 2021, with 4.7% growth, but 2023 saw a slower rate of 0.6%, affected by structural issues and global economic pressures.
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