Nelson Mandela: Madiba's Legacy

As South Africa and the rest of the world mourn the death of the inspirational leader Nelson Mandela, it is only fitting that this weeks article looks deeper into the economic turn around he led that has gone unnoticed. Before Nelson Mandela, South Africa was a country shackled by apartheid which had both social and economic effects. By ending apartheid, Nelson Mandela kick started the uprising of the South African economy which since then has resulted in some economists labeling the "S" in BRICS after South Africa and so the rainbow nation was born, led by Mr Mandela.

By the time apartheid came to an end, the South African economy had spent years being battered by sanctions. The infrastructure was, and remains, the most highly-developed in Africa, but the years of economic isolation were taking their toll. Mr Mandela had taken charge of an economy on the road to bankruptcy. at the start. Inflation, which was running at 14% before 1994, fell to 5% within 10 years. South Africa's budget deficit, which was 8% in 1997, fell to 1.5% in 2004. Interest rates dropped from 16% to under 9% in the first decade of the Mandela government. The removal of economic sanctions resulted in a high rise in South African exports. Before Mr Mandela took the oath of office, just 10% of the country's goods were earmarked for export. By the turn of the century nearly a quarter of them were.

It wasn't just economic numbers on sheets of paper. In the 14 years after 1996, the proportion of South Africans living on $2 (£1.22) a day fell from 12% to 5%.

Although the world mourns the death of Nelson Mandela, his legacy should be celebrated as it has been passed from generation to generation and will continue to do so. He has guided South Africa out of difficult times into what is now a prosperous country and his influence has shaped and inspired the lives of many.