Twitter weighs in on recession: 'It's a reflection of years of bad decisions'
Data released by Stats SA on Tuesday showed the South African economy entered its second recession in two years in the fourth quarter of last year.
The slump in SA's economy has sparked a debate online, as many worry about the future.
According to new GDP numbers, the economy declined by 1.4% from a revised contraction of 0.8% in the previous quarter.
It managed growth of just 0.2%, down from 2018’s 0.8%.
Stats SA said this marks the sixth consecutive year that SA’s economy has grown below 2% and the lowest level since 2009, when the economy contracted by 1.5%.
Briefing the media in Tuynhuys, Cape Town, President Cyril Ramaphosa said South Africans should not be shocked by the recession because the signs were there.
He said several factors led to the technical recession. These included poor business and consumer confidence, and lack of production due to Eskom's load-shedding.
“This technical recession has been there for all of us to see. It's been the load-shedding and the impact it has on production.”
On social media, finance minister Tito Mboweni said: “The SA economy is strong enough to recover. We will work harder together”.
The SA economy is strong enough to recover. We will work harder together
— Tito Mboweni (@tito_mboweni) March 3, 2020
Many said while the recession was “predictable”, it was “naive and misleading” of the president to blame it only on load-shedding.
Here is a snapshot of what people had to say:
This #recession was predictable. It has brought us to the dreaded ‘fork in the road’. Pres #Ramaphosa must urgently decide to either continue with practices that brought us here & to ruin or SA🇿🇦changes to those that will help grow & improve opportunities.
— Tim Modise (@TimModise) March 4, 2020
The government worked hard, alright - they worked hard to get us into this #recession.
— Conscious Caracal 🇿🇦 (@ConCaracal) March 4, 2020
If catastrophic failure was an art form... https://t.co/sH0j0dDE1Q
It is both naïve & misleading to blame SA's headlong crash into #Recession only on loadshedding.
— TopEditor Internatio (@TopEditorInt) March 4, 2020
Yes, #Eskomageddon is a major contributor, but @MYANC incompetence & ubiquitous failures + EWC + debt:GDP + militant unions are persistent & more destructive factors.
The Recession is a reflection of years of bad decisions on the part of government. It’s a reflection of our government’s absolute disrespect and disregard for its citizens. It’s a reflection of the deep rot, greed and corruption that has eroded us as a nation. #recession
— Kaye Ann Williams (@therealkaychi) March 4, 2020
We were told having a businessman who is a millionaire as President our economy will excel. Except getting BBBEE shares in white owned companies after CODESA what businesses did President Cyril Ramaphosa start? Sorry I'm just asking. #recession pic.twitter.com/DIiC16UzF6
— Thabo (@Ngoasheng247) March 4, 2020
"Cyril is a millionaire with multiple businesses he'll make a good president" #recession pic.twitter.com/um9WADs13h
— UH HUH HONEY🍯 (@itsSandisiwe) March 3, 2020
Our country's economy is f*cked up, we into a #recession , poverty & unemployment is on the rise in and the #CoronaVirus apocalypse is coming for our necks ... pic.twitter.com/sXeVGxrtSM
— Olwethu Mtati (@olwethu_mtati) March 4, 2020
If private education, private medical care and private transport has to be considered AFTER being taxed - and that tax doesn't benefit poor people either - it's really not unreasonable for people to see no future here.
— Natalie (@NatAlleyCat) March 4, 2020
#Ramaphosa is not shocked by the #recession. That's progress from always being shocked, maybe we're finally going somewhere.
— Walkthetalk (@Vuyograms) March 4, 2020
Business Times It's official: SA was in recession in 2019, poor numbers shock economists 4 years ago |