Pick n Pay chairman Gareth Ackerman says the private sector needs to step out of the shadows and do what it can to halt the damage politicians have been inflicting on the economy. Ackerman, whose father Raymond founded Pick n Pay more than 50 years ago, said on Tuesday that politics had "wreaked havoc on the economy and we must endeavour to not let the run-up to the [2019] election do any more damage". "Business’s voice has been mute for too long, the truth of it is that the economy has run out of road," he said. SA slid into recession in the first half of 2018 for the first time in nearly a decade despite strong global growth, while unemployment rose to 27.2%, from 21.5% in 2008. A report by the Bureau for Economic Research found that SA’s economy could have been up to 30%, or R1-trillion, larger and created 2.5-million more jobs, had the country kept pace with its peers over the past decade. Had former president Jacob Zuma’s regime not robbed the economy of its potential, the gove...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now