Heading East From The Netherlands, Dutch Traders (Afrikaners)
1149 WordsApr 28, 20175 Pages
Heading east from the Netherlands, Dutch traders (Afrikaners) established a stopover founding the city of Cape Town in 1652. However, when the British seized the Cape of Good Hope area in 1806, many of the Dutch settlers headed north taking land from indigenous inhabitants and founding their own republics. With the discovery of diamonds and gold, immigration intensified and indigenous inhabitants were expelled from the country now known as South Africa. After the Second South African War (1899-1902), the British and the Afrikaners ruled together starting in 1910 under the Union of South Africa which then became a republic in 1961. In 1948, the Afrikaners- dominated National Party was voted into power which favored the policy of apartheid,…show more content…
With an official unemployment rate of 26.8% and 35.9% of the population below the poverty line, there is still progress to be made (2017). Industries, including automobile assembly, metalworking, machinery, textiles, iron and steel, chemicals, fertilizer, foodstuffs, commercial ship repair employ 18% of the people in South Africa (2017). The agriculture sector employs 4% of the population and services are the main provider of jobs in South Africa, providing 66% of employment (2017).
South Africa is amongst the top 20 stock exchanges in the world and has the second largest stock exchange in Africa. With an abundant supply of natural resources as well as a developed financial, legal, communications, energy, and transport sectors South Africa is considered a middle-income country with an emerging market (2017). South Africa’s GDP is broken up by sector by 2.2% in agriculture, 29.2% in industry and 68.7% in services. They have a budget deficit of -3.5% with their revenues being $76.62 billion and expenditures being $86.45 billion (2017). South Africa has structural constraints that are limiting economic growth because of skill shortages, declining global competitiveness and frequent strikes as well as unstable electricity keeps growth from exceeding 3% until the power grid reliability is fixed that limit the distribution of goods to major urban centers in the region (2017).