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South Africa's peaceful political transition was one of the most remarkable political feats of the past century. The African National Congress (ANC) has been driving the policy agenda since 1994. A sustained record of macroeconomic prudence and a supportive global environment enabled South Africa's GDP to grow at a steady pace for the decade up to the global financial shock of 2008-09. Improvements in the public budget management system and efforts to restore the macro fundamentals by National Treasury played an essential role.

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