- Title
- The macroeconomic impact of ocean economy financing in South Africa
- Creator
- Matekenya, Weliswa
- Subject
- Macroeconomics
- Subject
- Maritime –- South Africa
- Date Issued
- 2022-12
- Date
- 2022-12
- Type
- Doctoral's theses
- Type
- Thesis
- Identifier
- http://hdl.handle.net/10948/60305
- Identifier
- vital:64343
- Description
- The global ocean is responsible for providing seafood and employment to the world’s population and is the key driver of global gross domestic product. The ocean economy (blue economy) has been identified as key to unlocking the growth potential of many economies. It is in this context that both the South African government and the private sector have invested in the ocean economy with the purpose of sustaining it and making it more productive. To this end, the government established the Operation Phakisa programme which is meant to fast-track ocean economy development. In line with operation Phakisa imperatives, the South African government began a series of budget allocations towards the various sectors of the oceans economy. This flow of public funds towards oceans economy sectors was with a view to reduce unemployment, grow the economy, increase trade as well as boost entrepreneurship. It is for this reason that the financing of the ocean economy needs to be assessed in terms of its role in ensuring sustainable economic growth through ocean economy activities. While the ocean economy is becoming a new focal point in the discourse on growth and sustainable development both globally and locally, it remains faced with a series of challenges in South Africa. These include inadequate economic incentives, outdated infrastructure, ineffective governance institutions, lack of technological advances, and insufficient management tools. All of these have led to unregulated competition among users, albeit in the context of extensive opportunities offered by the rising demand for seafood. The specific focus of the study is the macroeconomic impact of ocean economy financing in South Africa during the 1994 to 2019 period. The study employed ARDL to test long and short-run relationships. The results show that ocean economy financing in South Africa during this time to have had a positive effect on economic growth, and a negative relationship on unemployment, although the latter is statically insignificant, while ocean economy financing has a negative relationship with entrepreneurship, to have a positive relationship with total trade, and statistically significant. Based on the findings of the study recommendations are made for the South African government to continue investing in oceans economy marine infrastructure and to address any constraints that hinder the growth and sustainability of the country’s ocean economy. In order to ensure the economic viability of ocean ii economy financing four areas need attention, namely economic growth, entrepreneurship, job creation, and total trade. This study recommends that in order to grow the South African economy, a comprehensive growth strategy that looks beyond ocean economy should be adopted. Regarding entrepreneurship ease of doing business should be improved and all factors inhibiting entrepreneurship should be addressed. The requisite skills through human capital investment should be harnessed and decent and sustainable jobs in the ocean sector should be created. It is a well-known fact that an aggressive drive towards economic growth is not without negative externalities e.g pollutions, unreported, unregulated, and over-exploitation of ocean resources. Ocean governance is vital in preventing such negative externalities. The results of the study show that ocean governance boosts trade and reduces unemployment.
- Description
- Thesis (PHD) -- Faculty of Business and Economic Sciences, 2022
- Format
- computer
- Format
- online resource
- Format
- Format
- 1 online resource (xii, 278 pages)
- Publisher
- Nelson Mandela University
- Publisher
- Faculty of Business and Economic Sciences
- Language
- English
- Rights
- Nelson Mandela University
- Rights
- All Rights Reserved
- Rights
- Open Access
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Collections
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| Thumbnail | File | Description | Size | Format | |||
|---|---|---|---|---|---|---|---|
| View Details Download | SOURCE1 | Matekenya,W Dec 2022.pdf | 1 MB | Adobe Acrobat PDF | View Details Download |