Streaming issues? Report here
John Perlman 1500 x 1500 2020 John Perlman 1500 x 1500 2020
Afternoon Drive with John Perlman
15:00 - 18:00
volume_up
volume_mute

Up Next: The Money Show with Bruce Whitfield
See full line-up
Afternoon Drive with John Perlman
15:00 - 18:00
Home
arrow_forward
Business
fiber_manual_record
Opinion

Does Govt have a plan to fix our lockdown-smashed, drowning-in-debt country?

14 September 2020 6:25 PM
Tags:
Economy
National Treasury
Tito Mboweni
South African Reserve Bank
Sarb
Agriculture
The Money Show
Bruce Whitfield
Debt
Treasury
Duma Gqubule
Economic Recovery Plan
Lockdown
COVID-19
covid-19 in south africa
economic recovery
Centre for Economic Development and Transformation

The Money Show’s Bruce Whitfield interviews Duma Gqubule, founder at the Centre for Economic Development and Transformation.

National Treasury expects the South African economy to shrink by 7.2% this year, much in line with the South African Reserve Bank’s forecast of a 7.3% contraction.

On Sunday, however, Finance Minister Tito Mboweni warned that those forecasts are likely to be too optimistic.

Mboweni says that the country’s public finances were “unsustainable” even before the pandemic.

The country’s GDP fell by 51% in the second quarter of 2020, the economy’s worst-ever performance by far.

The apocalyptic plunge was the fourth quarterly contraction in a row.

South Africa’s wildly productive farms kept the nation afloat and fed, with agriculture (up 15%) the only sector recording any growth.

Treasury expects a R300 billion tax revenue shortfall.

The Money Show’s Bruce Whitfield interviewed Duma Gqubule, founder at the Centre for Economic Development and Transformation.

Does the South African government have an economic recovery plan?

We’ve had five consecutive years of contracting GDP per capita…

Duma Gqubule, founder - Centre for Economic Development and Transformation

… the lockdown was too severe and too long…

Duma Gqubule, founder - Centre for Economic Development and Transformation

We could by the end of 2020 see another two million people lose their jobs – pushing the number of unemployed people to 12.4 million people… It’s a humanitarian crisis! … It [job losses] has not ended… We’re going to see a bloodbath… It’s incredible – a third of middle-class households are going to move to a precarious existence…

Duma Gqubule, founder - Centre for Economic Development and Transformation

The government will have no option but to extend some of these benefits… For them to withdraw these grants… I don’t think it’s practical…

Duma Gqubule, founder - Centre for Economic Development and Transformation

Listen to the interview in the audio below.


This article first appeared on CapeTalk : Does Govt have a plan to fix our lockdown-smashed, drowning-in-debt country?


14 September 2020 6:25 PM
Tags:
Economy
National Treasury
Tito Mboweni
South African Reserve Bank
Sarb
Agriculture
The Money Show
Bruce Whitfield
Debt
Treasury
Duma Gqubule
Economic Recovery Plan
Lockdown
COVID-19
covid-19 in south africa
economic recovery
Centre for Economic Development and Transformation

More from Covid-19 coronavirus explained

Cape Town International Airport-flight-passengers-travel-airline-tourism-123fjpg

Open South Africa’s borders, please! - once-prospering tourism industry

14 September 2020 7:00 PM

Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.

Share this:
Read More arrow_forward

high school highschool student scholer learner 123rf female girl mask facemask

ADvTECH lost R88 million as students withdrew due to Covid-19

31 August 2020 7:42 PM

The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.

Share this:
Read More arrow_forward

Lost City at Sun City 123rf 123rflifestyle 123rfbusiness

Sun Int reports losses of R885m. Debt balloons to R13.3bn (4x its market cap)

31 August 2020 6:43 PM

The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.

Share this:
Read More arrow_forward

Stellenbosch Church Street Dutch Reformed Mother Church 123rf

Stellenbosch makes a genius plan to kickstart its lockdown-smashed economy

31 August 2020 4:35 PM

The Money Show’s Bruce Whitfield interviews Mike Ratcliffe, Chairman of Visit Stellenbosch.

Share this:
Read More arrow_forward

Cyril Ramaphosa

Ramaphosa’s scorecard: The state (not the ANC) has done alright - JP Landman

24 August 2020 6:52 PM

"The state is on a new trajectory – it’s vital the ANC follows suit," says political analyst JP Landman.

Share this:
Read More arrow_forward

Dilapidated Room

How to protect what’s left of our ruined economy - and rebuild what's been lost

17 August 2020 7:26 PM

The Money Show’s Bruce Whitfield interviews Nazmeera Moola, Head of SA Investments at Ninety One.

Share this:
Read More arrow_forward

Heartshaped pizza 123rf 123rfbusiness 123rflifestyle

Heartbreaking legacy of the lockdown on SA’s near-dead restaurant industry

17 August 2020 6:59 PM

South Africa’s 15 000 sit-down restaurants employ 500 000 people. Bruce Whitfield interviews Grace Harding, CEO at Ocean Basket.

Share this:
Read More arrow_forward

20200425ndzonlevel4jpg

Cigarette sale ban will leave lasting, criminal legacy – former Sars lawyer

17 August 2020 6:40 PM

The Money Show's Bruce Whitfield interviews Telita Snyckers, author of “Dirty Tobacco: Spies, Lies and Mega-Profits".

Share this:
Read More arrow_forward

absajpg

Absa wins international award for its response to Covid-19

5 August 2020 11:38 AM

The bank is one of only six in the world to be recognised in this way for outstanding performance during the global health crisis.

Share this:
Read More arrow_forward

Great White shark 123rf 123rflifestyle

South Africans love travelling in their own country – can they save Airbnb SA?

27 July 2020 7:26 PM

The Money Show’s Bruce Whitfield interviews Velma Corcoran, Country Manager at Airbnb South Africa.

Share this:
Read More arrow_forward

More from Information about Covid-19 coronavirus

COVID-19 virus coronavirus outbreak blood sample test tube 123rfpolitics 123rf

UPDATE: 13 more COVID-19 deaths as SA recoveries surpass 590,000

20 September 2020 9:07 PM

The number of national recoveries so far is 590,071, which translates to a recovery rate of 89.2%. Gauteng has 193,153 recoveries.

Share this:
Read More arrow_forward

Cape Town International Airport-flight-passengers-travel-airline-tourism-123fjpg

Open South Africa’s borders, please! - once-prospering tourism industry

14 September 2020 7:00 PM

Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.

Share this:
Read More arrow_forward

200428zweligif

UPDATE: SA recovery rate reaches 88.9%

11 September 2020 6:53 AM

The number of national recoveries so far is 573,003, which translates to a recovery rate of 88.9%. Gauteng has 189,208 recoveries.

Share this:
Read More arrow_forward

high school highschool student scholer learner 123rf female girl mask facemask

ADvTECH lost R88 million as students withdrew due to Covid-19

31 August 2020 7:42 PM

The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.

Share this:
Read More arrow_forward

Lost City at Sun City 123rf 123rflifestyle 123rfbusiness

Sun Int reports losses of R885m. Debt balloons to R13.3bn (4x its market cap)

31 August 2020 6:43 PM

The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.

Share this:
Read More arrow_forward

Stellenbosch Church Street Dutch Reformed Mother Church 123rf

Stellenbosch makes a genius plan to kickstart its lockdown-smashed economy

31 August 2020 4:35 PM

The Money Show’s Bruce Whitfield interviews Mike Ratcliffe, Chairman of Visit Stellenbosch.

Share this:
Read More arrow_forward

Cyril Ramaphosa

Ramaphosa’s scorecard: The state (not the ANC) has done alright - JP Landman

24 August 2020 6:52 PM

"The state is on a new trajectory – it’s vital the ANC follows suit," says political analyst JP Landman.

Share this:
Read More arrow_forward

Dilapidated Room

How to protect what’s left of our ruined economy - and rebuild what's been lost

17 August 2020 7:26 PM

The Money Show’s Bruce Whitfield interviews Nazmeera Moola, Head of SA Investments at Ninety One.

Share this:
Read More arrow_forward

Heartshaped pizza 123rf 123rfbusiness 123rflifestyle

Heartbreaking legacy of the lockdown on SA’s near-dead restaurant industry

17 August 2020 6:59 PM

South Africa’s 15 000 sit-down restaurants employ 500 000 people. Bruce Whitfield interviews Grace Harding, CEO at Ocean Basket.

Share this:
Read More arrow_forward

20200425ndzonlevel4jpg

Cigarette sale ban will leave lasting, criminal legacy – former Sars lawyer

17 August 2020 6:40 PM

The Money Show's Bruce Whitfield interviews Telita Snyckers, author of “Dirty Tobacco: Spies, Lies and Mega-Profits".

Share this:
Read More arrow_forward