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The Impumelelo Economic Growth Lab is a unit at the BER that focuses on generating policy-relevant work and building capacity to achieve economic success in South Africa. Impumelelo means success.
Date Uploaded: April 16 2026 17:00
In a paper prepared for the BER’s Impumelelo Economic Growth Lab, former National Treasury economist Andrew Donaldson charts the evolution of South Africa’s pension fund industry spanning the past 40 years. He shows that the increase in assets under management has been accompanied by a relative decline in investment in public sector debt. The analysis raises important questions about sustainable financing of growth and development.