Poverty and inequality declined between 2006 and 2011 – Standard Bank report

Ray White interviewed Standard Bank South Africa Economist Siphamandla Mkhwanazi on The Money Show.

Mkhwanazi discussed a Standard Bank report entitled “Consumer Outlook 2016”.

Quote from the report:

“SA has one of the most unequal societies in the world. The Gini coefficient declined only slightly between 2006 and 2011, from 0.72 to 0.69; change has been slow indeed.

“The emergence of the middle 60% of the population contributed to these improvements, while the poorest 20% of the population saw a decline in the share of national income.

“Nevertheless, poverty levels are slowly declining. Between 2006 and 2011, the proportion of the population living in poverty (using the national upper bound poverty line) fell from 57.2% to 45.5%. We believe that this could be attributed partly to the aggressive expansion in the social grants programmes.”

Scroll down for quotes from the audio below.

The improvements are there, but they’re slow.

Siphamandla Mkhwanazi

The middleclass in South Africa is getting bigger.

Siphamandla Mkhwanazi

This doesn’t take account of the informal economy.

Siphamandla Mkhwanazi

The Poor has become the best drawcard for political parties.

Siphamandla Mkhwanazi

Government is trying its best.

Siphamandla Mkhwanazi

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