CHRIS GILMOUR: If Woolies is trapped in economy’s pincer, then all other retailers are likely to struggle

The eagerly awaited unveiling of Finance Minister Malusi Gigaba’s action plan finally took place. To refer to it as disappointing is a grave understatement. His strategy will probably do little, if anything, to allay the concerns of the ratings agencies.

Gigaba concentrated on timelines to which he can theoretically be held to account, but absolutely nothing new emerged that could conceivably change the dismal course of the South African economy. The consumer economy is cooling rapidly and urgently needs a kick-start if we are to avoid a prolonged recession. Particularly unacceptable was his assertion that "there is no growth target for this action plan".