Why is it important to have macroeconomic policies in place, in South Africa?

Macroeconomic policies are essential tools for creating an established economic environment which is conducive for sustainable growth of economics, which improved living standard and creation of job rely on. They help the government in making key decision, such as the distribution of resources, government expenditure and regulation of prices. They have been of great importance in South Africa as they have led to:

• Poverty eradication. Through government expenditures, job opportunities have been created in South Africa which have led to an increase in employment levels. The living standard of many individuals has been raised through these jobs reducing the poverty levels in South Africa. Additionally, the government of South Africa has invested in the provision of free public goods and services. This also has helped in the reduction of poverty in South Africa.
• Economic stabilization. Macroeconomic policies, in the situation of high demand and low supply, have seen South Africa regulate the prices of commodities which protect the consumer from being exploited. South Africa has also been able to regulate the prices of its currency resulting in it being competitive in the foreign markets, which have resulted in economic stability.