The South African economy mirrors the struggle of its most famous personality, anti-apartheid revolutionary Nelson Mandela. Almost on the verge of collapsing, recent reports stated that both are still holding on, possibly even bouncing back even stronger.

Moody's maintained the country's sovereign debt rating of Baa1 yesterday, saying that the government's public spending crease was a step towards growth. The ratings agency also mentioned that the administration's efforts to control the mayhem currently happening in the South African mining industry was a welcome change.

The government stabilized the chaos in the mining sector through an agreement compromise between mining firms and unions in the country. "Already this year strikes have been of relatively shorter duration, with violence mostly being contained," said Moody's.

"At these levels, South Africa's debt would remain comparable to that of its peers," said a Moody's representative.

Mandela, who celebrated his 95th birthday in a hospital in Pretoria, was described as in 'steadily improving' condition by his family.