South Africans are getting poorer and poorer at an increasing rate
It’s a very, very bad number… It’s a huge decline, and it’s right through the economy…Mike Schussler, Chief Economist - Economists.Co.Za
We’re not thinking we’re going to go into a technical recession… But the slowdown was pretty severe.Busisiwe Radebe, Economist - Nedbank
Ultimately, tax is merely a function of the economy… Whatever the economy produces; we must ensure the maximum [tax collection] …Edward Kieswetter, Commissioner - South African Revenue Service
The South African economy shrunk by 3.2% in the first quarter of 2019 (from Q4/2018).
Economists expected a 1.7% decline.
It is the largest economic contraction in almost a decade.
GDP remained flat year-on-year, against economists’ expectation of 0.7% growth.
The Money Show’s Bruce Whitfield interviewed Mike Schussler (Chief Economist at Economists.Co.Za), Busisiwe Radebe (Economist at Nedbank) and Edward Kieswetter (Commissioner at South African Revenue Service).
Listen to the interviews in the audio below (and scroll down for more quotes from it).
Administrative prices are largely to blame… and that’s Government… You can only shoot yourself in the foot so many times…Mike Schussler, Chief Economist - Economists.Co.Za
We’ve had 10 years of absolute destruction…Busisiwe Radebe, Economist - Nedbank
When people’s spirits are broken… that’s the hard work that we have begun to do.Edward Kieswetter, Commissioner - South African Revenue Service
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