Despite Cyril Ramaphosa’s best efforts, the new dawn has not yet arrived
The initial investment must be domestically generated before we see foreign direct investment
Following President Cyril Ramaphosa’s pronouncement of a "new dawn" when he ascended to the Union Buildings early this year, economic growth expectations went as high as 2.3% for 2018. This was reinforced by the commitment to deal with corruption and clean up the maladministration in state-owned enterprises (SOEs) — in which we saw board changes and management shakeups at no less than five of them. We have also seen the establishment of the Youth Employment Services (YES), and the announcement of an investment summit and a jobs summit, which are due to take place before the end of 2018. Announcing a 2.2% contraction in economic growth for the first quarter of 2018 (seasonally adjusted and annualised), Statistics SA has confirmed that the changes to date represent good progress, but are not enough to turn optimism into real economic activity. Incoming economic data for the second quarter of the year is encouraging but it remains weak. Consequently, growth forecasts have been revised ...
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