Less talk more action to solve 0% growth forecast says economist Iraj Abedien

A statement was issued yesterday by the South African Reserve Bank Governor Lesetja Kganyago that the bank has now cut its forecast for our economy, and that it now believes our economy will not grow at all this year.

Stephen Grootes speaks to Dr Iraj Abedien, Chief Executive Officer of Pan-African Capital Holdings, about future outlooks. Abedien says he is not surprised by the figure.

It's been a secular trend over the past four or five yeas, that our GDP has been continually scaled down, or projected down.

Dr Iraj Abedien, Chief Executive Officer of Pan-African Capital Holdings

Local and international projections suggest that there's a structural impediment to this economy regaining it's growth momentum.

Too much talking and analysing has caused paralysis, he says.

It's gone to the point of thinking that talk and feel good speeches or promises will turn the economy around. The economy has gone way beyond that pint, a long time ago.

Dr Iraj Abedien, Chief Executive Officer of Pan-African Capital Holdings

He says what does turn an economy around is "always delivering and under promising. Talk less, act more." The key is to demonstrate that you understand what is at stake and create confidence and a level of credibility.

This is where South Africa and the government as a whole, is failing us badly.

Dr Iraj Abedien, Chief Executive Officer of Pan-African Capital Holdings

The injection of investments into the economy by private and public sectors needs to be carefully monitored quarter by quarter, he says.

Unless investments begin to flow in a substantial way, no economy can turn the corner, no matter who is leading.

Dr Iraj Abedien, Chief Executive Officer of Pan-African Capital Holdings
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