THE SOUTH AFRICAN ECONOMY Brief economic history During the 1960s the South African economy expanded at an annual average rate of 5,5 percent and experienced average inflation of 2,4 percent. This compared with annual growth of 5,0 percent in industrialised Organisation for Economic Corporation and Development (OECD) countries and inflation of 2,9 percent. Dollar per capita income grew 73 percent during the decade. The 1970s were turbulent years internationally and the domestic economy grew by only 3,2 per cent per annum (versus 3,4 percent in OECD countries). Relative economic performan...

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