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A Comparative Analysis of the Economic Growth Paths of South Africa and the United Kingdom

Yechen Shi

Abstract


This study compares the economic growth paths of the United Kingdom and South Africa by exploring the determinants of economic growth and examining how those determinants affected the macroeconomic performances in the two countries in 1945 and 1961, which are two defining years for both countries, and thereafter. In order to ensure its validity, the majority of the data is taken from the database of the World Bank, one of the world’s most authoritative statistical bureaus. The study also inquired into the political and social backgrounds of the two countries, which helps to reveal how and how rapidly they grew. Apart from that, the paper also utilized the Solow Growth Model—a neoclassical model for predicting future economic growth— to analyze the respective economic profiles of the two countries systematically, which can serve as a reference for decision makers to generate proper solutions for the slow growth in certain countries.

Keywords


Long-Run Economic Growth, the United Kingdom, South Africa, Policy

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References


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DOI: http://dx.doi.org/10.18686/fm.v6i4.3714

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