In the year 2021, South Africa had five macroeconomic objectives to achieve for the succeeding years. These were primarily to achieve the primary objectives of economic growth, increase employment and improve living standards, stabilize the interest rates, reduce inequality of income and build a resilient financial sector. These objectives focused on the macro-economic aspects of South African society, as represented by its government policy and programs.
The primary objectives included increasing employment and enhancing competitiveness in the global market place. Employment was primarily targeted at increasing the supply of skilled manpower available in the labor force. To this end the government made provision for skill development, training and retraining of employees who were leaving the sector, and for increased access to education. To build up the infrastructure of the country, it also extended monetary infusions that encouraged private investment.
Apart from this, the government planned to achieve certain macro objectives for the medium and long term future. These were mainly to avoid recessions, maintain high levels of growth, keep inflation at manageable levels, stabilize the trade deficit, boost competitiveness and boost economic welfare. At the same time, structural changes were also planned to increase productivity, improve market competitiveness and make the country more efficient. One of the macro objectives was to reduce poverty and increase living standards. This was done through tax liberalization, subsidies, public spending and increased public infrastructure investment.
The macro objectives were achieved with growth rates peaking at about 4% per year. Apart from this, there have been some significant increases in employment coverage in the retail sector and in the building industry. There has been a marked improvement in the productivity level and in the reduction in the unemployment rate. However, these gains have been accompanied by rapid increases in the cost of living.
When we talk of macro objectives, it is not limited to South Africa. In the whole world, these are some of the biggest macro objectives. They require coordinated policies on the national and regional level.
So, if you are going to South Africa for a business, you should know what these goals are. When you are there, you should be very clear on the . . . . . . purpose of the organization you are heading for. This will give you a clear picture regarding the tasks and expectations. If you are met, you can easily look forward to great success.