The Republic of South Africa

Introduction and overview of the country

South Africa is the second largest economy in Africa, and its per capita living standard is among the best in Africa. Its industrial system is the most perfect in Africa. Its deep-well mining technology ranks among the top in the world.
South Africa is a middle-income developing country and one of the most economically developed countries in Africa. Natural resources are abundant. The financial and legal systems are relatively sound, and the telecommunications, transportation, energy and other infrastructure are sound. Mining industry, manufacturing industry, agriculture and service industry are all developed, which are the four pillars of the economy. Deep well mining and other technologies occupy a leading position in the world. However, the development of various sectors and regions of the national economy is unbalanced, and the characteristics of urban and rural economy and black-and-white economy are obvious. In the early 1980s and early 1990s, the economy suffered from the impact of international sanctions. The new South African government formulated a “Reconstruction and Development Plan” that emphasized the social and economic advancement of the black population.