MALUSI GIGABA: Government's new plan for growth
'These interventions are the beginning of a response programme that will be unpacked in the MTBPS and the 2018 Budget'
GOVERNMENT’s INCLUSIVE GROWTH ACTION PLAN Following the release of Q1 2017 GDP data confirming an economic recession, the Minister of Finance has engaged with various stakeholders to map a way forward. It is acknowledged that failure to set the economy on a higher and more sustainable growth path will disadvantage a large portion of our population and undermine efforts to rapidly address unemployment, inequality and poverty. In our engagements with various stakeholders several major concerns were raised, amongst others: ● Continued slow growth, the recession and the potential impact on the fiscal framework; ● Rising government debt; ● The state of State Owned Companies (SOC) and risks to contingent liabilities; and ● Policy uncertainty and low business and consumer confidence. Government has been deeply engaged with the issue of low economic growth and the recession, analysing its impact on social welfare, and considering an appropriate response. There have since been several engage...
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