Although the National Treasury and business leaders have spent plenty of time this past year promising that South Africa is on the verge of "growth-inducing economic reforms", the best developments have been on the political rather than the economic front.
The first promising political development was the advance by the Democratic Alliance (DA) in the municipal elections in August. The second was the growing revolt against President Jacob Zuma in his party, in some state institutions, in civil society, and in the media. Corruption, not policy, inspires this revolt.
On the economic front, South Africa has marked time in that we have avoided relegation by international credit ratings agencies to junk status. Not only have none of the "structural reforms" promised by both business and government failed to materialise, but the country ends the year with a national minimum wage in the offing, along with more threats to the mining industry. "Structural reform" is seldom defined but it includes liberalisation of the labour market and of the regulations governing business.
Capitulating to union demands for a minimum wage is bizarre when the trade union movement is weak and divided. But it is a warning that the man driving it, Deputy President Cyril Ramaphosa, may not be the person to lead structural reform should he ever succeed Mr Zuma.
Mining faces the uncertainties of a revised charter. It also faces interference by the Public Investment Corporation in investment decisions as it pursues the chimera of a local mining giant. And it faces threats by Mr Zuma to cancel mining licences.
Yet promises to improve the investment climate and to remove constraints upon growth have been repeated throughout the year. In April Goldman Sachs promised that government and business would tackle a basket of reforms "with a vengeance". Enoch Godongwana, chairman of the ANC's transformation committee, said bureaucrats were working "day and night" to implement reforms. The Banking Association said "a phenomenal amount of work and progress had been made" in collaboration between the private sector and the state.