NATIONAL ECONOMY
CAROL PATON: Tell the people how bad things really are, Mr President
When will President Cyril Ramaphosa and Finance Minister Nhlanhla Nene let the public in on the news of just how bad a state the country is in financially? The other day Ramaphosa said in a television interview: "This hardship will not last forever and growth is going to happen. It is around the corner and soon we’ll be able to alleviate the difficult burden that our people are bearing at the moment." Anybody with even a little understanding of SA’s economy and public finances knows that this is nonsense. Relief is not around the corner. There is no guarantee that growth "will happen". The outlook is highly uncertain. Most forecasts for 2018 and 2019 have GDP growth lower than population growth. No progress has been made on making the structural reforms needed to attract investment. In fact, the hardship Ramaphosa talks about is hardship that is still to come in October, when the government will again be forced to cut budgets for housing, school building, roads and infrastructure an...
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.