Nene: SA needs a lot of structural reform to capitalise on global growth

FILE: Nhlanhla Nene. Picture: GCIS.

Finance minister Nhlanhla Nene is at the 2018 Annual Meetings of the International Monetary Fund and the World Bank Group in Washington.

Nene says that the issues South Africa faced when he was finance minster before may have shifted, but are roughly the same.

The slow growth was an issue and commodity reliant countries were experiencing difficult challenges with regards to their economy, and all emerging countries were struggling to get growth back on track with the advent of the global financial crisis. The recovery was very slow.

Nhlanhla Nene, Finance minister

This time around, I must say that global growth momentum has picked up, however risk still persist.

Nhlanhla Nene, Finance minister

While global growth is peaking, South Africa is not likely to experience most of that growth. Nene says that in order to capitalise on global growth, a lot needs to be done.

What is clear is that in order for us to capitalise on global growth, there is quite a lot of structural reforms that we must embark on, which are are not short term by their very nature.

Nhlanhla Nene, Finance minister

Our challenges are quite serious. They range from high unemployment to equality. But also some of the sectors we need to focus on, would require a bit of time for us to invest in order for that to begin to contribute.

Nhlanhla Nene, Finance minister

For more detail; listen to the interview in the audio below.

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
'We believe that there will be substantial interest'

'We believe that there will be substantial interest'

Afriforum outlines plans to prosecute Julius Malema and Gugulethu Mhlungu gets an expert opinion from legal expert Ulrich Roux.

5 reasons SA needs foreign investment to radically transform the economy

5 reasons SA needs foreign investment to radically transform the economy

The Money Show’s Bruce Whitfield interviews Dr Adrian Saville, Professor at Gordon Institute of Business Science (Gibs).

Nedbank may in 2019 join Government in firing KPMG

Nedbank may in 2019 join Government in firing KPMG

Nedbank will reconsider its relationship with KPMG in 2019. The Money Show’s Bruce Whitfield interviews its CEO Mike Brown.

Airbnb sees massive growth in the Western Cape

Airbnb sees massive growth in the Western Cape

The house-lodging platform saw an increase of 86% in the Western Cape, which contributed an estimated R5 billion the the economy.

Eskom wants to recoup from us money it spent on Gupta mines – Bruce Whitfield

Eskom wants to recoup from us money it spent on Gupta mines – Bruce Whitfield

The Money Show’s Bruce Whitfield interviews Nedbank Economist Isaac Matshego.

Popular articles
[Watch] Chinese SUV maker Haval has advertising far worse than its cars

[Watch] Chinese SUV maker Haval has advertising far worse than its cars

Advertising expert Andy Rice slams the ever-improving Chinese SUV maker for its cheap and nasty advertising.

My milkshake brings all the boys to the yard! - Nando's

My milkshake brings all the boys to the yard! - Nando's

Damn right its better than yours! Ad guru Andy Rice loves Nando’s epic new billboard promoting its delicious looking milkshakes.

Taxpayer? Got R3 billion? The EFF wants you to save the gutted VBS Mutual Bank

Taxpayer? Got R3 billion? The EFF wants you to save the gutted VBS Mutual Bank

A better option to serve black interests, says Warren Thompson, is Patrice Motsepe’s TymeDigital. It won’t cost taxpayers a cent.

'Elite schools in SA are still reproducing bullying and whiteness'

'Elite schools in SA are still reproducing bullying and whiteness'

A discussion on the legacy and experiences of learning at elite, private and model C schools.

'They must release you, we want you outside' Minister Mokonyane tells Omotoso

'They must release you, we want you outside' Minister Mokonyane tells Omotoso

Nomvula Mokonyane tells rape accused Timothy Omotoso that they must release him as he is wanted outside.

[WATCH] Can you do the Thuso Phala and Vosho as well as this little boy?

[WATCH] Can you do the Thuso Phala and Vosho as well as this little boy?

Khabazela shares some of the most popular tweets, posts, and videos on 'What's gone viral'.

Judge in Omotoso case dismisses defence application to recuse himself

Judge in Omotoso case dismisses defence application to recuse himself

Judge Mandela Makaula has dismissed the defence application saying it has no merit.