President Cyril Ramaphosa’s economic advisory council has recommended a markedly different approach to managing the economy than the path set out by the Treasury, arguing that the spending cuts envisaged will kill growth and hamper economic recovery.

Ramaphosa set up the presidential economic advisory council a year ago. It includes several top local academic and private sector economists, as well as international luminaries Harvard professor Dani Rodrik and University College London’s Mariana Mazzucato, a strong advocate of new monetary policy...

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