Ten years after the ANC were voted into power, the question economists are asking is, has the Government delivered on its promise to transform the South African economy? In particular, is GEAR (the Growth, Employment and Redistribution strategy) delivering the goods?

• The South African economy is now the 23 rd largest in the world, compared to 35 th in 2002. It's growing at a rate of over 3% a year.
• Inflation was running at 14% in 1994. It's now below 5% and falling.
• Interest rates dropped from 16% to under 9% in the first ten years of the ANC Government. This is good news for businesses wanting to borrow and could mean more jobs are created.
• The budget deficit, which was 8% in 1997, fell to 1.5% in 2004. South Africa is balancing its books.
• 25% of goods produced in South Africa are for export, up from 10% in 1994.
• Black South Africans are spending ten times as much on cars as they were in 1994.

• The economy is growing but not fast enough. It needs to grow by 6% a year if it's to make any dent in the official unemployment rate of 31%.
• A lack of skills, particularly in IT, is holding back job creation.
• South Africa seems to have “jobless economic growth”. Companies are benefiting from new technology and foreign investment but they are not creating jobs for the vast army of unemployed.
• 48% of the population is living below the poverty line, earning less than 530 rand (£53) a month.
• GEAR has kept wages down among low paid workers, particularly in the public sector. This has seriously damaged relations between the ANC Government and the trade unions.
• Since 1994, Company Directors' salaries have risen by 29% a year, workers salaries have risen by just 6%.
• In the ten years since the ANC took power, 2 million jobs have been lost.

GEAR seems to be delivering limited results, but economists and politicians are deeply divided over its success. The international community is now finding South Africa an attractive place to invest. But private capital wants South Africa to be a country with low public spending, low taxes and a co-operative workforce.

On the other hand, millions of poor South Africans want better wages, more job protection, pensions and higher taxes to improve public services. Many are getting restless, resulting in public sector strikes and growing land occupations. South Africa has been compared a to a double-decker bus travelling with the rich on top and the poor at the bottom; however, the bus has no stairs.

For the moment the Government is adamant that GEAR is the only policy on offer. They want to keep the international community happy and encourage private capital and investment. The Government is confident that GEAR will eventually deliver prosperity to all South African citizens.