PH
embassy: 877 Pretorius St., Arcadia 0083
mailing address: P.O. Box 9536, Pretoria 0001
consulate(s) general: Cape Town, Durban, Johannesburg

Flag description: two equal width horizontal bands of red (top)
and blue separated by a central green band which splits into a
horizontal Y, the arms of which end at the corners of the hoist
side, embracing a black isosceles triangle from which the arms are
separated by narrow yellow bands; the red and blue bands are
separated from the green band and its arms by narrow white stripes
note: prior to 26 April 1994, the flag was actually four flags in
one--three miniature flags reproduced in the center of the white band
of the former flag of the Netherlands, which has three equal
horizontal bands of orange (top), white, and blue; the miniature
flags are a vertically hanging flag of the old Orange Free State
with a horizontal flag of the UK adjoining on the hoist side and a
horizontal flag of the old Transvaal Republic adjoining on the other
side

Economy

Economy--overview: South Africa is a middle-income, developing
country with an abundant supply of resources, well-developed
financial, legal, communications, energy, and transport sectors, a
stock exchange that ranks among the 10 largest in the world, and a
modern infrastructure supporting an efficient distribution of goods
to major urban centers throughout the region. However, growth has
not been strong enough to cut into the 30% unemployment, and
daunting economic problems remain from the apartheid era, especially
the problems of poverty and lack of economic empowerment among the
disadvantaged groups. Other problems are crime and corruption. The
new government demonstrated its commitment to open markets,
privatization, and a favorable investment climate with the release
of its macroeconomic strategy in June 1996. Called "Growth,
Employment and Redistribution," this policy framework includes the
introduction of tax incentives to stimulate new investment in
labor-intensive projects, expansion of basic infrastructure
services, the restructuring and partial privatization of state
assets, continued reduction of tariffs, subsidies to promote
economic efficiency, improved services to the disadvantaged, and
integration into the global economy. Serious structural rigidities
remain, including a complicated and relatively protectionist trade
regime, and