GARETH VAN ONSELEN: The magical optimism of economic growth forecasts
Our economic fundamentals will, indefinitely, it seems, be held hostage to the ANC’s economic incompetence and contempt
This week Nedbank CEO Mike Brown stated, “The SA economy performed worse than expected in the first six months of 2019 and our forecast for SA GDP growth for 2019 has been revised down from 1.3% to 0.5%.”
“Revised down” — that phrase has become ubiquitous over the past decade, as our domestic economy slowly collapses. Google it, and you will be presented with a hundred such headlines in the media. Every couple of months, someone, somewhere is revising down their economic growth forecast for the country.