• Corpus ID: 35873423

The Impact of Oil Price Shocks on the South African Macroeconomy: History and Prospects

  title={The Impact of Oil Price Shocks on the South African Macroeconomy: History and Prospects},
  author={Jeremy J. Wakeford},
A steep upward trend in the price of crude oil in recent years has led to increasing concerns about its economic implications, both abroad and in South Africa. This paper traces the history of oil shocks and their impact on the South African macroeconomy. It finds that while commodity exports – especially gold – provided an initial buffer, the economy was not immune to sustained price shocks. The paper then considers the outlook for future oil shocks and their possible impact, given South… 

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