The Economy All we need is a miracle
Not a great week for the economy, with Eskom posting a record loss of R20.7bn for the recent financial year, and unemployment hitting an 11-year high of 29%. And then the Reserve Bank, Moody’s, the International Monetary Fund and Fitch revised our growth forecast to well below 1% for the year. With the government embroiled in the tedious squabbling that has characterised the ANC since it came blinking out of exile (and who knows? Maybe before as well) others are weighing in. What we need, says Herman van Papendorp of Momentum Investments, is better politics, easier tourist visas, more broadband, and a reduction in rail and port charges. What we need, says Rekang Jankie from the Alternative Information and Development Centre, is jobs. “We can create one million climate jobs,” she says. “Specifically: 250,000 renewable energy jobs, 390,000 public transport jobs, 200,000 construction jobs and 100,000 agriculture jobs and 110,000 jobs in waste, industry and education.”
Comment: Both approaches sound worth a try.