Despite substantially negative economic sentiment and low expectations of growth – with consensus now at 0.8% – we believe that, with the right kind of immediate action and intervention, South Africa could grow at a rate of between 1.5% and 2% in the next 12 months.
Held consistently, we see this escalating to 5.4% by 2018.
Given the current local and global economic context and outlook, as well South Africa’s economic structure, we see opportunities to grow the economy and create jobs in both the long and short-term.
Specifically, we see four areas of growth, which, with the right kind of attention and collaboration, could ignite growth and employment. These areas include construction, agriculture, manufacturing and tourism – underlined by effective and pointed spending on investment as well as the benefit of the weaker rand.
We have had various policy and strategy interventions over the years, with growth targets. Where we have failed is making the right kinds of strategic connections and sequences in the policy and implementation arena, including various roles and incentives of all the various players.