MALUSI GIGABA: My plan to fix the SA economy
'Yes we want the economy to grow. We want big businesses to expand, we want small businesses to expand, we want new businesses to start and expand'
SPEECH BY MINISTER OF FINANCE ON GOVERNMENT INTERVENTIONS TO STIMULATE INCLUSIVE GROWTH There have been several economic developments in recent weeks. This statement seeks to provide some context to these developments, and inform the public about government interventions to stimulate inclusive growth. On 1 June 2017, Fitch affirmed South Africa’s long term foreign and local currency debt ratings at ‘BB+’ ratings with stable outlook. S&P followed on 2 June 2017 and affirmed the long term foreign currency debt rating at ‘BB+’ and long term local currency debt rating at ‘BBB-’ with negative outlook. As reported earlier in the week, South Africa’s Gross Domestic Product contracted 0.7 per cent between the first quarter of 2017 and the fourth quarter of 2016. This followed a contraction of 0.3 per cent between the fourth and the third quarter of 2016. This trend unfortunately implies that our economy has entered into a recession.