EDITORIAL: Another call for urgent reform
The OECD’s message is clear: SA’s economy is in big trouble, the future welfare of its citizens is looking worse and reform is urgent
The Organization for Economic Co-operation and Development (OECD) has released its new economic survey of SA, which comes hot on the heels of the IMF’s article IV annual report on SA published earlier in July. The basic message is similar and we hardly need multilateral organisations to convey it: the country’s economy is in big trouble, the future welfare of its citizens is looking worse not better and the country urgently needs to do something about it. As OECD secretary-general Angel Gurria diplomatically put it on Monday: "SA has accomplished many great things in the past two decades, but building stronger and more inclusive growth will require bold action from policy makers." Some of SA’s policy makers claim to recognise this, one of whom is Finance Minister Malusi Gigaba, who attended the launch of the OECD report and again trumpeted his 14-point plan as the recipe which would address the challenges of slow domestic growth, emphasising that the government agreed with the OECD’...
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