Opinion

Maybe this straight-talking indaba between business and the president can galvanise the government

12 January 2020 - 00:02 By SIPHO PITYANA

South Africa is facing an unprecedented economic crisis — the longest economic downswing since 1945. We had an average economic growth rate of 1.5% over the past decade, compared to more than 4% in other emerging economies. Government debt ballooned from 26% of GDP in 2008 to 56% in 2019.

Alongside this, unemployment has risen to almost 30% (there are now 10-million people unemployed), and we are sitting on a powder keg of unemployed youth with little or no future. As if this is not enough, we are also facing a real prospect of a sovereign rating downgrade that could exacerbate these conditions...

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