The South African economy entered the 70th Month of Downward Cycle in September, the longest since 1945, a situation that puts pressure on the government to implement structural reforms to boost investor confidence. and reinvigorate growth.
The weakening economy continues as economic growth and investor confidence continue to be impacted by the uncertainty surrounding the implementation of structural reforms, said the South African Central Bank (SARB) in its quarterly newsletter.
According to the bank, economic growth should not exceed 0.6 per cent in 2019, the lowest rate since 2016. Recent data show that investor confidence is at its lowest level in more than 20 years.
These indices are aggravated by a number of factors including the crisis affecting state-owned enterprises, notably the national electricity company, and the rise in unemployment, which affects nearly 29% of the active population.
This situation undermines the image of South Africa amongst foreign investors.
So what is holding South Africa’s economy back?
The very short answer is.
#1. Blacks as the vast population majority need to take a more active role in economic growth.
#2. Meaningful black entrepreneurial growth.
#3. NEW BLACK owned employment offering business growth (not black ownership in existing business).
#4. Supporting existing and encouraging skilled new white owned business and industry.
#5. More black employee productivity, less strikes and tightening salary belts. Trade Unions need to get onboard , and help grow the economy by having less strikes and more productivity.
#6. Drastically reduce the bloated, unproductive and overpaid government and SOE employment. And as well as effective, skilled and honest management and staff with a view to make all entities efficient, to assist and encourage economic growth and foreign investment.
#7. A vast improvement in black education.
#8. An end to government and private sector corruption and plunder of state funds.
#9. An end to wasteful and fruitless government spending.
#10. ANC to cease sabotaging the economy by making foreign investment distrustful of negative current and future political agendas (for example : Land expropriation without compensation).
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