Mired in its worst economic crisis since the Great Depression, one has to hope the SA government will heed the adage that a good crisis should never be allowed to go to waste. Maybe then it will move resolutely ahead with its request for a fully fledged IMF financial programme in support of the basic economic reforms the country so desperately needs.
It would be a gross understatement to say the country’s economy was in poor shape even before the pandemic struck. According to the World Bank, SA’s per capita income in 2019 was no greater than it was in 2010 while, in reflection of a highly sclerotic economy, unemployment remained stubbornly stuck at about 30%. At the same time, the country’s budget deficit had continuously deteriorated, its external accounts remained uncomfortably weak, and all too many of its state enterprises had been run into the ground...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.