SA’s economic recovery relies on structural economic reform, policy certainty, business-friendly regulation that eases the cost of doing business, labour market reform, and functioning and cost-effective infrastructure.
Herein lies the crux of the matter: an increasingly prevalent trend in SA has been the government’s tendency to redirect expenditure away from growth-enhancing initiatives such as public infrastructure, housing and schools, among others, towards consumption expenditure, including the public sector wage bill and social grants.
There is no question that an investment into infrastructure has the potential to help revive an ailing economy that was further battered by the effect of the Covid-19 pandemic. However, even prior to the pandemic, infrastructure spend had been declining. What spend has occurred has been dogged by allegations of corruption and mismanagement.
The government knows what needs to be done. It just needs to get on with the job.
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