President Cyril Ramaphosa said that after almost a decade of "economic stagnation and political paralysis", South Africa has begun to turn things around.
Speaking at a press conference at the World Economic Forum in Davos, Switzerland, Ramaphosa said: "We have entered a new period of hope and renewal, and over the last year we have taken decisive steps to correct the mistakes of the recent past and put the country back on the path of progress that we embarked upon in 1994."
Ramaphosa said government had placed the task of inclusive growth and job creation at the centre of the national agenda.
"Around a third of working-age South Africans are unemployed, poverty is widespread and, sadly, levels of inequality are among the highest in the world," Ramaphosa, flanked by members of his Cabinet, told assembled media.
"We recognise that we cannot create work on any meaningful scale unless we grow the economy at a far greater rate – and for that we need much more investment in the productive sectors of the economy, in infrastructure and in skills development."