What is the country that you are researching:
Write a brief summary of the economic system of
the country: ​Identify and explain the type of
economic system​.
Select three key economic indicators such as
poverty rates, labor distribution, use of resources,
etc. and analyze what this information says about
the country, how does it compare to other
countries, change over time, etc.
Identify the GDP - per capita for the country.
South Africa
The economy of South Africa is classified as a mixed
economy. South Africa is a democratic country that thrives
on capitalism, but at the same time has elements of
socialism. South Africa is classified as a capitalistic
economy because most of the business are own by private
parties and not the government. There are also elements of
of socialism. Many of the taxes that are generated from the
different business and the individual taxpayers are used to
help subsidize the costs for the services to the poor
residents of South Africa.
As of 2016 the poverty rate in South Africa is about 16.6%.
South Africa also has a very high unemployment rate of
about 27.6%. However, they do have a high labor force rate
with services being the highest at 71.9% and industry being
the second highest at 23.5% and agriculture at 4.6%. The
labor force rate is ranked 30th in the world. The resources
that are found in South Africa are metals and minerals like
platinum,gold and chromium, automobile assembly, metal
working, and machinery. Because South Africa is using so
much of their resources their economy is headed for trouble.
The growth rated for the industrial production rate is less
than 1%. South Africa is using more and more of its
resources before they can even use it themselves. However,
they do makeup for it a bit by creating revenue from their
exports. Eventually, South Africa’s exports and the vast
resources they have now will be gone and will have no
means to become financially stable in the future. To try and
fix this problem they are spending more of its GDP in
household consumption.
$13,400 (2017 est.)