The CEOs of Investec Bank, Standard Bank and Discovery look at what South Africa needs to do to fix the economy.
South Africa’s economy is ‘plodding along’, and the chief executives of some of the country’s biggest companies have examined ways to foster economic growth.Although the country avoided a technical recession in 2023, it still likely registered a per capita recession as GDP growth could not keep up with population growth.
The executives were asked to identify “one thing” that could save the economy, and each delivered a broad but pertinent answer, including:Despite stating that South Africa’s economy is resilient after avoiding a recession in 2023 amid heightened load shedding, Gore saidHe said that when the economy grows at 3% or more, there’s only a 0.7% increase in jobs. When the economy is stable or grows at 1%, there is a contraction.
Also highlighting how the narrative around the Government of National Unity has led to a rally in South African assets, Gore said there should be more transparency on plans, which he said can act as a “defibrillator” that turns the economy back to where it should be.
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