‘SA lost a decade. The economy hasn’t grown much; we’re getting poorer’
On Tuesday the worrying headlines read “South African economy shrinks by 2.2% (worst figure in 9 years)”.
In a nutshell – the South African economy has been going nowhere since 2008.
Saville pays little heed to very short-term figures such as the shocking one released yesterday.
Nevertheless, even the far higher (than -2.2%) year-on-year figure of 0.8% places South Africa amongst the world’s slowest growing economies.
South Africa’s population is growing by, at least, 1.5% every year, comfortably exceeding economic growth.
In other words, we are getting poorer.
South Africans have lost a decade, says Saville, and we seem to be trapped in a low growth setting.
What is worse, the sectors of the economy that are in decline - mining and quarrying, manufacturing, agriculture as well as forestry and fishing – are very labour absorbing.
Saville points out that successful, competitive countries have economies that are “investment fed and export led”.
That does not describe the South African economy, according to Saville.
For more detail; listen to the interview in the audio below.
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Anelda Martin is the owner of the Goddess Cafe in Pretoria and she is looking to revive the roadhouse.Read More
Oceana fishing has deferred their interim dividend payout due to Covid19, but says all is well.Read More
Absa is ending its R140m a season sponsorship of SA’s Premier Soccer League (PSL), after a 13-year relationship.Read More
Covid-19 and race riots - is President Donald Trump's re-election campaign collapsing?Read More
Airlines Association of Southern Africa chief executive Chris Zweigenthal says the airline revenue went to zero overnight.Read More
Former Springbok Bryan Habana about where he is at this point of his career.Read More
Skynamo is a Field Sales management and productivity app used by manufacturers, distributors and wholesalers.Read More
Only 54% of South Africans had a bank account in 2004, the goal is to make that 90% by 2030, where are we now.Read More
Government has two weeks to overhaul lockdown regulations they say were put in place to curb the spread of the coronavirus, or win an appeal.Read More
The University of Pretoria's Centre for Entrepreneurship has launched a free National Support Portal for SMMEs.Read More