SA has challenging political, economic and social issues, but the economy must be transformed without self-enhancing agendas for a political elite, writes Rob Jeffrey
SA has challenging political, economic and social issues, but the economy must be transformed without self-enhancing agendas for a political eliteThe SA economy, like many emerging and developing economies, has high levels of poverty. As with many such countries, there are three primary objectives to reducing poverty, unemployment and inequity. These three objectives take precedence over almost all other goals.
The country is short of capital to finance development. The state requires long-term finance, not fast returns and changeable financial and monetary flows. Investors need to have confidence about the long-term economic, political and social policies, and to have faith that the current and future governments will continue to support business investment, both foreign and domestic.
It is not just a question of returning to business as usual. Economic growth must be capable of achieving the GDP growth recommended in the National Development Plan of more than 5% per annum. Only by doing this can the primary objectives of reducing, poverty, unemployment and inequality be achieved.
Improving education with the focus changing to work-related skills training and education. Not everyone is suited to academic university education. Scrapping plans for National Health Insurance and considering an alternative scheme. The project is unaffordable for a developing country such as SA and the process of trying to implement it will wreck the existing world-class, private healthcare system.
The most effective way of creating growth opportunities and creating opportunities is to focus on developing SA’s vital infrastructure. This has been done before in the country’s history when SA was facing significant economic problems and hurdles. This included the major dam build programme, including Gariep, and the development of Richards Bay and Saldanha Bay harbours.
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