But despite this, Johann Els says policy certainty given the recent political win for the ANC will put SA on a higher growth trajectory
Old Mutual Investment Group senior economist Johann Els. Picture: PUXLEY MAKGATHO
In 2018, SA entered a recession for the first time since the global financial crisis. Another recession would add to President Cyril Ramaphosa’s woes as he struggles to revitalise an economy that has failed to see 2% growth since 2013.This follows a slew of weak data in recent weeks, which points to a contraction in the first quarter, particularly following weak mining and manufacturing performances.
However, if growth contracts by 2% in the first quarter, growth forecasts for 2019 will likely have to be revised downwards. To kick-start the economy, confidence needs to lift on the back of an urgent implementation of policy and general reforms, Els said. “The first step is obviously the appointment of a smaller and improved cabinet,” he said.
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