There is no fiscal problem in SA, even as debt-to-GDP creeps higher. There is a growth problem and it manifests in a fiscal problem. Until we diagnose the problem correctly, the solution will elude us.

What exactly is wrong? There are serious long-term structural issues that can be resolved only by refocusing the economy on sectors that will produce more rapid growth, mostly export-orientated manufacturing. In good times and bad times since the 1980s, the economy has not been able to produce enough new jobs to employ all workers...

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 articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now