( 3minutes read)
· South African President Cyril Ramaphosa said that SA’s economic recovery must be “state-led”, while replying to a question on
what form SA’s economic recovery would take in the National Assembly via a virtual platform
· The prediction of fiscal experts is that the pandemic would shave off 5to 10% of the GDP of the country increasing the country’s already high unemployment rate.
· Pledging that the state will play a critical role in bringing back the economy on rail, the President said that the state
had to look at how the market was functioning and structured, and whether “previous policies” still hold up or needed to be changed.
South African President Cyril Ramaphosa said that SA’s economic recovery must be “state-led”, while replying to a question on what
form SA’s economic recovery would take in the National Assembly via a virtual platform.
The prediction of fiscal experts is that the pandemic would shave off 5to 10% of the GDP of the country increasing the country’s already
high unemployment rate. Pledging that the state will play a critical role in bringing back the economy on rail, the President said that the state had to look at how the market was functioning and structured, and whether “previous policies” still hold up or needed to be changed.
The main focus of the state’s economic support so far has been the R500 billion support package in mid-April. The package is meant to
include about R95 billion in new lending from international finance institutions. The external support is still awaited. Mentioning that
the government is committed to create gainful jobs to the citizens, the president said this could be achieved by upping investment in the
public infrastructure. The government would bring together funders, policy makers, state-owned enterprises, academics and the private
sector to look at investment opportunities in infrastructure, which can generate a large number of employment.
