Brian Kantor Columnist

SA is near the top of the global league when it comes to the rewards for holding money. About 3% after inflation is now on offer. Only Mexico has higher real short-term interest rates. SA is also close to the bottom of the global third-quarter 2019 growth league. This is no coincidence. It is the result of destructive policies.

Such an unnatural state of economic affairs — still very expensive money — combined with still highly depressed economic activity, has clearly not been at all good for SA business. The average real return on invested capital (cash in-cash out) has declined sharply, by about a quarter since 2012. Companies have responded by producing less, investing less, employing fewer workers and paying out more of the cash they generate in dividends...

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