The Economy Nommer š'il vous plaît?
The World Bank has had some stern words to say about South Africa’s current economic trajectory. If we had continued on the growth path we were on in the early 0’s, we would be looking at GDP per capita of R65,000, they say, instead of R50,000, where it is now, and where it was in 2006. But the effects of our lost decade and the recent depredations of the COVID-19 pandemic have left us in a very different place. All is not forsaken, however. Our growth prospects have been revised upwards by the IMF, as noted last week, to +3.1%. A stronger anti-corruption position seems to be prevailing at the highest levels of Government. And last week, South Africa was ranked number one globally for business process outsourcing, in a survey of executives from eight key sourcing markets. This, says President Ramaphosa, speaks to your service ethic, our location in the same time zone as many of the big markets, and our solid digital infrastructure, and represents an exciting new vector for economic growth.
Comment: We have many pockets of excellence in our economy. It’s time we grew them to achieve critical mass.