Answer ALL questions. Question 1 The core elements of the Growth Employment and Redistribution (GEAR) strategy...

Answer ALL questions.

Question 1

The core elements of the Growth Employment and Redistribution (GEAR) strategy of the South African government in 1996, under the leadership of the then finance minister Trevor Manuel were amongst other things:  budget reform to strengthen the redistributive thrust of expenditure  monetary policy to prevent a resurgence of inflation  a reduction in tariffs to contain input prices and facilitate industrial restructuring, compensating partially for the exchange rate depreciation

1.1 With reference to the above, identify the macroeconomic objectives in these elements.

1.2 Identify and define the macroeconomic variables that can be used to measure whether the strategy was successful or not.

1.3 With each tool in 1.2, provide a detailed explanation on how it can be measured.

Expert Solution

. Macroeconomic objectives discussed here are exchanges rate stabilisation, inflation control mechanism, enhance expenditure and consumption in economy.

The key variables for measuring success are Inflation, Exchange rate volatility, Total consumption growth.

Inflation is increase in prices of goods and services over certain period of time. This can be calculated by taking am average prices of various products and services over quarter and taking its percentage difference over next quarter.

Exchange rate volatility is the percentage change in exchange rate over particular period of time. This can be measured by taking exchange rates for quarter and compare it with another quarter and calculate its percentage difference.

Consumption growth is the increase in overall aggregate consumption in economy. This can be measured by taking an aggregate of private and public consumption over quarter and another quarter and taking its percentage change.

Rahul Sunny answered 1 year ago

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