DUMA GQUBULE: Place economy in ICU now to staunch the flow of blood
SA’s dismal economic performance has nothing to do with the global economy
SA is in its worst post-apartheid economic crisis. Millions of people have had their fortunes blighted after a "lost decade" in terms of economic development. Our country is approaching its Tunisia moment, when a seemingly isolated tragedy — such as the street vendor who set himself on fire in Tunis eight years ago — will result in a popular uprising. None of SA’s main political parties — the ANC, DA and EFF — has a plan to get SA out of its economic crisis. Six months after the ouster of Jacob Zuma, President Cyril Ramaphosa has yet to announce an economic recovery plan. The statistics are depressing. Between 2009 and 2017 SA’s GDP grew by 1.6% a year and GDP per capita by 0.3% a year. In 2017 GDP per capita was lower than it was in 2013. It is set to decline again in 2018. But 153 emerging and developing countries grew by 5% a year over the same period, says the IMF. SA grew more slowly than all developing country regions. Their growth rates were: emerging and developing Asia 7.3%...