DUMA GQUBULE: No, the market has not magically transformed the SA economy
A new macroeconomic policy is needed to drive industrialisation and structural change
Last week the Mapungubwe Institute for Strategic Reflection invited me to be part of a discussion with more than 20 economists about a project to study the evolution of the structure of the economy since 1960, with a focus on the postapartheid period. Whichever way one slices the data, the government has mismanaged the economy during the past 27 years.
At the end of 2020 GDP per capita was 17.6% higher than it was in 1994. But there is no plan to get the economy out of the crisis, where 47.4% of black South Africans are unemployed, according to the expanded definition. The unemployment rate for African females is 51.4%. In the Eastern Cape the unemployment rate for people of all races is 52.4%...