South Africa Business, Taxation and Offshore Information
South Africa is an economy emerging from the shadow of turmoil and sanctions in the latter part of the period of apartheid. Multi-racial elections held in 1994 ended both minority white rule and apartheid, and ushered in a new political era.
But with it has come new challenges. Despite an equal rights policy for all citizens – regardless of race, creed, sex or sexuality – inequality remains an issue that can bring tensions to a head, as was highlighted by the poverty riots of 2009. Yet South Africa had until recently experienced solid economic growth, which continued into the world recession in 2008 (at 3.1% GDP); however, this reversed in 2009, with the economy shrinking by 1.9% – so far, a mere hiccup compared to the difficulties other countries have experienced. GDP rose again in 2010, by 2.9% and a growth of 3.1% was recorded for 2011. More »