Social and Economic Infrastructure Impacts on Economic …社会和经济基础设施的影响，经济…

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1、38SocialandEconomicInfrastructureImpactsonEconomicGrowthinSouthAfricaC.KularatneSchoolofEconomics,UniversityofCapeTownABSTRACTOneofthekeyconstraintstogrowthidentifiedbytheAcceleratedSharedGrowthInitiative(ASGI)inSouthAfricaisinvestmentininfrastructure.Analysisofthevario

2、usmeasuresofphysicalinfrastructureprovidesonewithadecliningtrendininfrastructuredevelopmentovertherecentpast.InvestmentineconomicinfrastructureaffectsGVAdirectlyandindirectlyviaprivateinvestment.TherealsoexistfeedbackeffectsfromGVAandprivateinvestmenttoinvestmentinecono

3、micinfrastructure.Thisimpliesthateconomicinfrastructureinvestmentrespondstogrowth.Socialinfrastructureinvestmentisfoundtohaveadirect,positiveimpactonGVA.Theoreticalevidencedoespositthebeliefthateventhoughpublicandprivatecapitalmaybecomplements,theremayexistthresholdeffe

4、ctspresentwithrespecttopublicinfrastructureexpenditure.Thefindingsdoalludetothepossibilityofanon-linearrelationshipexistingbetweenpercapitaoutputandsocialinfrastructureinvestment.Thisthresholdisnotreachedat1.3%withregardtothesocialinfrastructurenetinvestmentrate.Thethre

5、sholdbetweentheprivateinvestmentrateandnetinvestmentrateineconomicinfrastructureisnotreachedat6%.Thisimpliesthatthegovernmentcanaffordtoinvest(net)atleast1.3%and6%insocialandeconomicinfrastructure,respectively.381INTRODUCTIONSouthAfricaisseekingtoacceleratehergrowthrate

6、inordertoprovidegreatersocialandeconomicbenefitstoawidersectionofherpopulation.TheAcceleratedSharedGrowthInitiativeforSouthAfrica(Asgi-SA)documentoutlinessixsalienttopicsthatneedimmediateaddress-oneofwhichisinvestmentininfrastructure.Targetingofinfrastructureexpenditure

7、iscrucialasoneofthekeyconstraintstogrowthgiventhefactthattherelativelogisticscostofSouthAfrica(15%ofGDP)versusthoseofitstradingpartners(8.5%ofGDP).SeeEconomicInfrastructureFrameworkReport(2005),DepartmentofTradeandIndustry.ThisputsSouthAfricaatanimmediatecompetitivedisa

8、dvantage.Moreover,FigureIdepictsgovernmentnetinvestmentratesinbotheconomicandsocialinfrastructurehavebeendecli