ISAAH MHLANGA: A new compact is needed, with business at its centre

The mission for the government, business and labour is to halt the march of inequality, poverty and unemploymentStats SA released GDP figures for the third quarter this week, which told us the economy contracted by 0.6% on a seasonally adjusted and annualised basis. This disappointing outcome means that for economic growth to average the current economist consensus expectation for 2019 of 0.5%, the economy will have to expand by a whopping 4.1% in the fourth quarter.

If economic growth continues to decline, tax revenue collections will eventually decline too. Meanwhile, the need for critical social spending that holds the country from imploding hardly recognises that the coffers are no longer replenishing. This is a historical and current fact, but let’s look forward.

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