ActionSA blames ANC for SA’s low economic growth forecast
With the International Monetary Fund’s latest economic growth forecast for South Africa at 0.9%, ActionSA is blaming the dismal outlook for 2024 on the African National Congress (ANC).
ActionSA said it was “concerned” about the “dire” state of the country’s economy and blamed the low growth forecast on loadshedding, corruption and “dismal” ANC policies.
“From 2014-2023, economic growth averaged a meagre 0.76% a year, much weaker than our population growth rate of 1.15% during the same period. Simply put, under this government, South Africans are becoming poorer while water, electricity and jobs are growing scarcer,” ActionSA said.
It also pointed out South Africa’s “worsening” credit rating and the resultant high debt interest payments.
“Debt can be used to grow the economy and create jobs, however, the ANC squandered these funds on corruption, higher public sector wages and failing State-owned enterprises. Consequently, the unemployment rate rose from 25.1% in 2014 to a staggering 32.4% in 2023, with 8-million South Africans unable to find jobs. The ANC borrowed trillions of rands from future generations but failed to create jobs and grow the economy – lining their own pockets instead,” ActionSA said.
It punted its own plan to boost economic growth if it comes into government, and promised to lower the debt burden, sustainably.
It said it would create a business-friendly competitive economy and attract international investment, while supporting public-private partnerships, entrepreneurship and small, medium-sized and microenterprises, and labour market reforms.
“During the first five years in government, ActionSA plans will boost economic growth to 5% and create 4.8-million jobs by 2029, ushering in an era of high, inclusive growth and economic prosperity in South Africa,” the party promised.
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