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The Department of Economic Development was the department of the South African government responsible for economic policy, economic planning and economic development.It was established in 2009 after the election of President Jacob Zuma.
They envision a dynamic, industrial and globally competitive economy, that is inclusive, offers decent employment and equity. [1] Previously known as the Department of Trade and Industry (the dti) this department, within the South African government, is responsible for commercial policy and industrial policy.
The long-term potential growth rate of South Africa under the current policy environment has been estimated at 3.5%. [52] Per capita GDP growth has proved mediocre, though improving, growing by 1.6% a year from 1994 to 2009, and by 2.2% over the 2000–09 decade, [53] compared to world growth of 3.1% over the same period.
The minister is responsible for the development and implementation of industrial policy in South Africa. The ministry oversees 17 government agencies, providing for industrial funding, competition policy, black economic empowerment policy, consumer protection, trade policy and technical standards.
The minister of economic development is a minister in the Cabinet of South Africa. Effective from 29 May 2019, the Ministry of Economic Development has been amalgamated with the Ministry of Trade and Industry to form the Ministry of Trade, Industry and Competition .
State-owned enterprises play a significant role in the South African economy. In key sectors such as electricity, transport (air, rail, freight, and pipelines), and telecommunications, SOEs play a lead role, often defined by law, although limited competition is allowed in some sectors (i.e., telecommunications and air).
The minister of finance is a minister in the Cabinet of South Africa who is the political head of the National Treasury.The minister of finance is responsible for the financial management of government affairs, drawing up the budget, and developing economic policy (in cooperation with the minister of economic development and the minister of trade and industry).
The Department of Small Business Development (DSBD) is one of the ministries of the South African government. It was established in 2014 to support small businesses and cooperatives. [ 2 ] The current political head of the department is the Minister of Small Business Development, Stella Ndabeni-Abrahams who replaced Khumbudzo Ntshavheni in 2021.