International Monetary Fund (2025, January). South Africa: Selected Issues. IMF Country Report No. 25/29. Washington: IMF.
The papers put average growth at 3.6 percent a year in 1994 to 2007 and 1.1 percent in 2008 to 2023, and find that total factor productivity subtracted 1.3 percentage points from annual growth between the two periods. IMF staff link the fall to “high levels of bureaucracy, red tape, governance deficiencies and corruption during the ‘state capture’ era (2009-2018), and inefficient state-owned enterprises.” The wiki cites the decomposition in South Africa on the Curve as the main quantitative estimate of governance costs after 2008. Staff papers do not necessarily represent the views of the IMF’s Executive Board.