Is there a plan to get the country out of the recession?

Stats South Africa revealed on Tuesday that GDP figures for the second quarter of the year showed a contraction of 0,7%.

The figure for the first quarter has been revised to a contraction of 2,6%.

Is there a plan to get the country out of a recession?

READ: Recession heightens risk of downgrade

Speaking to Ray White on The Midday Report, a political economy analyst at Political Futures Consultancy, Daniel Silke says we clearly need action. We have been delayed with any kind of constructive solution to South Africa's economic problems for many years.

Particularly the last six months have been a very sluggish attempt by the new Ramaphosa administration to really address the issue.

Daniel Silke, Political Economy Analyst at Political Futures Consultancy

And I have been very disappointed that there has not been an adequate coming together with the private sector to begin to address the issues.

Daniel Silke, Political Economy Analyst at Political Futures Consultancy

He adds that this is long overdue and the statistics have deteriorated and at the end of the day we need much broader structural economic policy changes.

Which will provide long-term stability for South Africa and we need the African National Congress (ANC) itself, to understand exactly what it stands for in terms of economic policy and in fact get buy-in from its own various component members and formations.

Daniel Silke, Political Economy Analyst at Political Futures Consultancy

Before we can reboot ourselves economically.

Daniel Silke, Political Economy Analyst at Political Futures Consultancy

He says there isn't any policy clarity coming from the South African ruling party. He says the ANC doesn't know where it stands.

Is it a capitalist party, is it a socialist, is it a Chinese style of economic policymaking? What really does the ANC stand for?

Daniel Silke, Political Economy Analyst at Political Futures Consultancy

Until such a time that the governing party itself doesn't quite know what kind of philosophy or ideology it wants, there is going to be muddied waters on this.

Daniel Silke, Political Economy Analyst at Political Futures Consultancy

Silke adds that we should take care with the language used with regards to the expropriation of land without compensation.

ANC head of economic transformation Enoch Godongwana also spoke to White and says it will be interesting to know which countries dont have expropriation clauses.

What we are proposing is an expropriation within the legal framework - in other words within the constitutional parametres.

Enoch Godongwana, ANC head of economic transformation

Listen below to the full interview:


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