Tito MboweniThe document, titled “Economic Transformation – Inclusive Growth and Competitiveness”, was published on the National Treasury’s website on Tuesday, with no prior announcement.South Africa recorded its deepest contraction in 10 years in the first quarter of the year, with the economy shrinking by 3.2%. Now the Finance Minister has released a surprise plan to revive the ailing economy.
The strategy document says structural factors are mainly to blame for South Africa moving from 44th to 67th place in the global competitive rankings between 2007 and 2018. It says a series of shocks including political turmoil, drought and load-shedding have further aggravated the slowdown.