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Q: Economic consequences of the discovery of gold and diamond in South Africa
A: outh Africa has a comparative advantage in the production of agriculture, [ mining and manufacturing products relating to these sectors.[9] South Africa has shifted from a primary and secondary economy in the mid-twentieth century to an economy driven primarily by the tertiary sector in the present day which accounts for an estimated 65% of GDP or $230 billion in nominal GDP terms. The
country?s economy is reasonably diversified with key economic sectors including mining, agriculture and fishery, vehicle manufacturing and assembly, food-processing, clothing and textiles, telecommunication, energy, financial and business services, real estate, tourism, transportation, and wholesale and retail trade.[10] South Africa suffers from relatively heavy overall regulation burden compared to developed countries. State ownership and interference impose high barriers to entry in many areas.[11] The unemployment rate is very high at over 25%, and the poor have limited access to economic opportunities and basic services.[12] Restrictive labour regulations have contributed to the unemployment malaise.[13 ]
cham718|Points 607|
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Asked 7/20/2013 10:18:38 AM
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