14 June 1996
GEAR unveiled
In a long-anticipated move, the recently appointed Minister of Finance, Trevor Manuel announced the government’s macro-economic strategy, called Growth, Employment and Redistribution (GEAR), which committed the government to tighter fiscal policy and the steady liberalisation of foreign exchange controls.
GEAR targeted the creation of 400 000 jobs by the year 2000, reduce the budget deficit from 4.5 percent of gross domestic product (GOP) to 4.0 percent GOP in the fiscal year 1997-98.