SA’s unexpected economic growt

SA’s unexpected economic growth has given “hope to our people.” Jacob Zuma

El presidente has capitalised on the economy’s unexpected bounce-back said that it was very good news, and restored some hope among South Africans.

SA’s unexpected economic growt

Jacob Zuma praised government, business and labour for helping the economy grow by 3.3% in the second quarter of this year, as opposed to the expected 2.7%.

Ironically, it’s Jacob Zuma and the ANC’s weakening grip on power that has led to greater investor confidence and economic performance, following the Local Government Elections.

“The unexpected growth announced by Statistics SA was driven by 8.1% increase in manufacturing and 11.8% in mining and quarrying. Exports are also up by 18% and imports down by 5%‚” Zuma said in a statement.

The president added that the “latest figures indicate that our economy is resilient and has the potential to grow even more despite the challenging domestic and global headwinds that it faces”.

“This is very good news and gives hope to our people. We congratulate the social partners on this achievement. The cooperation between government‚ business‚ labour and the community sector has yielded results and can only take the country further towards inclusive growth and much-needed jobs.”

El presidente recommitted him to government’s “nine point plan,” meant to aid in the implementation of the infamous NDP.

On paper, it looks great, but not a single part of it has been deployed in the years since government announced the NDP or the nine-point plan – it being only a plan, as that too has remained no more than a pipe dream.

The nine-point plan consists of the  “following intervention areas:”

  • Revitalisation of the agriculture and agro-processing value-chain
  • Advancing beneficiation (adding value to our mineral wealth)
  • More effective implementation of a higher impact IPAP
  • Unlocking the potential of SMME‚ co-ops‚ township and rural enterprise
  • Resolving the energy challenge
  • Stabilising the labour market
  • Scaling-up private-sector investment
  • Growing the Ocean Economy
  • Cross-cutting Areas to Reform‚ Boost and Diversify the Economy which are: science‚ technology and innovation; water and sanitation; transport infrastructure; broadband rollout; and state-owned companies.