@article {1628529,
	title = {Macroeconomic risks after a decade of microeconomic turbulence: South Africa 2007-2020},
	year = {2022},
	abstract = {This study analyses the performance of macroeconomic policy in South Africa in 2007{\textendash}2020 and outlines challenges for policy in the coming decade. After remarkable economic growth in 1997{\textendash}07, South Africa{\textquoteright}s progress slowed dramatically in 2009 with the global financial crisis. Real GDP growth decelerated more than in other emerging markets and mineral exporting peers and never recovered pre-crisis levels. In addition, the budget deficit that provided counter-cyclical support to the economy was never reigned in, leading to a rapidly rising public debt load. The study assesses three accounts of South Africa{\textquoteright}s post-GFC growth and fiscal slump: (1) an external story; (2) a macro story; and (3) a microeconomic story. Evidence of strong linkages between micro- and political developments and growth performance is provided.},
	author = {Hausmann, Ricardo and Sturzenegger, Federico and Goldstein, Patricio and Frank Muci and Douglas Barrios}
}
