Last week, the IMF gave South Africa a thumbs-up in its annual review of the country's economic performance. GDP is growing quite fast (by 3.7% last year, maybe faster this), inflation (3.5% at last count) is under control and public finances are in good shape. The rand has recovered from its 2001 depression, and foreign-exchange reserves are strong. So the Fund is not the only one clapping: business confidence is high. In July, Barclays finalised its R30 billion or so ($4.7 billion) investment in ABSA, one of South Africa's main banks; and in August, Standard & Poor's upgraded the country's credit rating, a few months after Moody's. Yet, despite the government's impressive economic record, too many South Africans are still poor and un-employed-and look like staying so for a long time.
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