Report on Social and Economic Conditions in Southern Africa 2013
Southern Africa will have a projected market of over 290 million people by the end of 2013, of which an estimated 60 per cent will be between the ages of 15 and 24, representing a huge potential from a youthful growing labour force. Although GDP growth in SADC was moderate, it was well above the world average of 3.8 per cent in 2011. The subregion grew by 3.3 per cent in 2012 and was projected to grow by 2.4 per cent in 2013. However, countries should be wary of the global economy as projections for 2013 continue to shrink from the 4.1 per cent announced by the IMF in January 2012, to the recent estimate of less than 3 per cent. The global outlook is bleak, as most regions of the world are experiencing decelerating growth, due to the combined effect of the persisting crisis in the eurozone and uncertainty in the United States of America. New growth sources must constantly be sought even when economic growth figures are positive.