SA can achieve economic growth of at least 5%, says Ramaphosa
President calls for obstacles such as policy uncertainty and regulatory frameworks to be tackled
SA could achieve its elusive target of growing the economy at least 5% if obstacles to the success and growth of businesses, including policy uncertainty and regulatory frameworks, are reviewed. President Cyril Ramaphosa told delegates at Business Unity SA’s and economic indaba on Tuesday that the government and business had, through the new public-private growth initiative (PPGI), identified “inhibitors” that constricted the economy over the past nine years. SA’s GDP growth rate averaged 2.77% from 1993 until 2018, while the IMF forecast the country’s economy to grow 1.4% this year from 0.8%. The PPGI partnership — led by Toyota Europe and Africa CEO Johan van Zyl, Gordon Institute of Business Science (GIBS) professor Nick Binedell and former constitutional negotiator Roelf Meyer — has done work in 22 sectors, several of which made presentations at the indaba. It also advocates formulation of a five-year, sector-based plan. Ramaphosa, speaking at the indaba after a meeting of the P...
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