SA’s economic outlook is frightening and we cannot keep recycling failed policies
After 29 years of mismanagement the ANC has still not got its head around how to manage the economy and create jobs. From 1994 to 2022 SA’s GDP per capita increased by only 22.1%. By comparison, GDP per capita increased by 738% in China, 337% in Vietnam, 315% in Ethiopia, 285% in India and 216% in Poland over the same period, measured in local currency units.
From 2003 to 2008 government consumption and public investment soared by 5% and 14% a year respectively. The economy grew by 4.5% a year and created 3.1-million jobs. There was no “jobless growth” and the unemployment rate fell to 28.7%.From 2009 to 2022, government consumption spending increased by 1.5% a year — lower than during Gear — and public investment fell by 2.4% a year. GDP per capita declined. From the fourth quarter of 2008 to the first quarter of 2023 the labour force grew by 7.
During Cyril Ramaphosa’s presidency the economy has created only 21,000 jobs and the number of unemployed people has increased by 2.7-million. Over the same period 476,000 young people have lost their jobs and joined the growing queue of the unemployed. On the SABC last week ANC secretary-general Fikile Mbalula blamed Covid-19 for the failure to create jobs after host Sizwe Mpofu-Walsh presented these shocking statistics. But the pandemic is not an excuse. The number of unemployed people soared by 1.6-million from the start of Ramaphosa’s presidency until the outbreak of the pandemic. The unemployment rate increased to 39.7% from 36.3%.
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