GOVERNMENT SPENDING
HILARY JOFFE: Malusi Gigaba’s tricky plan for inclusive growth
The World Economic Forum (WEF) did not invent the notion of "inclusive growth". But it has done much to popularise it over the past couple of years and to put it on the agenda for the governments and business leaders who hang out at its global forum in Davos, as well as at regional forums such as the one in Durban last week. The WEF has done its bit too to try to define what inclusive growth means – and to measure it. And although almost everyone in Durban, the WEF folk included, had a go at convincing us that radical economic transformation and inclusive growth are one and the same, and that the inclusive growth the WEF or Business Unity SA or former finance minister Pravin Gordhan call for is what President Jacob Zuma and new Finance Minister Malusi Gigaba have in mind when they speak of radical economic transformation, it’s pretty clear they are not. Crucially, the WEF’s economists, like those of the IMF, see inclusive growth as being as much about the "growth" as the "inclusive"...
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