Phosa: South Africa not out of recessionary woods yet
Despite narrowly sidestepping the “humiliation” of a global credit ratings downgrade to junk status, South Africa still faces a possible recession if business, government, labour and civil society do not link hands and set aside growing distrust, Mathews Phosa and Associates attorney Dr Mathews Phosa said on Thursday.
Three global ratings agencies had recently provided South Africa a downgrade reprieve, with Fitch, Standard and Poor’s and Moody’s all opting to affirm their investment grade ratings of the country.
Any downgrade would have pushed South Africa into junk status.
It was now time for South Africa to work as a team to constructively unpack the National Development Plan (NDP) to avoid the recessionary tip the country was now balancing on.
“We talk the NDP, but we don’t walk the NDP,” he said.
“Let us hold hands, as government, private sector, labour and civil society,” Phosa pleaded, pointing out that decisive leadership and collaborative efforts would bring about the outcomes outlined by the national strategy.
While the stakeholders would not always agree, he noted, the country and all its inhabitants “can and must” make it work as “Team South Africa” to keep the nation’s economic outlook from deteriorating.
“We need to work together,” he stressed.
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