South Africa’s GDP growth slowed dramatically after the Global Financial Crisis (GFC) and COVID-19 pandemic. What is not commonly appreciated is the dramatic impact this has had on South Africa’s per capita income level. Had the economy continued to grow at its’ long term trend growth rate pre-GFC/COVID, per capita real GDP would have been at least 14%/12% higher currently. If the growth rate between 2000 and the GFC could have been sustained, it would have been more than 30% higher in just 15 years.
