Employment and income distribution experiences of minerals exporters and of countries achieving growth acceleration: executive summary
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Successfully diminishing a country's minerals dependency is one challenge and achieving a growth take-off is a different one, even though in some countries both challenges may be present (as in South Africa) and in some cases both may be conquered at the same time. Leaving minerals-dependency behind involves a reallocation of existing and a channelling of new resources to change the sectoral composition of output. It is, in the most direct sense, a matter of resource allocation. Growth acceleration involves growth dynamics, and is thus based on raising the level of resource utilisation, raising saving and investment, and facilitating technological change. Like conquering minerals-dependency, it involves the risk that success on the output front will not be matched by success on the employment and income distribution fronts. Nothing can be taken for granted.