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...

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