A question we often get in response to the recently publishedis — in what direction is SA trending? Are things worse or better today than when the NDP was published in 2012?
Over the past five years, the SA economy has been growing at a slower rate than the population. Between 2015 and 2019 , the population grew by an average of 1.4% per annum. In comparison, the average annual economic growth rate in real terms over the same period was 0.8%. As a result, the average South African has become poorer.
In 2019, investment amounted to 20% of GDP — 14% by the private sector and 6% by the state — and was far below the 30% target of the National Development Plan Other key NDP proposals to boost inclusive growth are to increase exports; hire more young, unskilled work-seekers; raise savings and investment through fiscal policy; lower the cost of transport and logistics; and strengthen the social wage. The NDP foresees that many jobs would be created in the services sector and in domestic-orientated activities.
An example close to home is the impact the 2017 drought had on the Western Cape’s tourism industry, and those it employed.
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