'Everything Ramaphosa has done on the economy has not worked'

Centre for Economic Development & Transformation's economist and director Duma Gqubule says everything that President Cyril Ramaphosa has done for the economy since last year has not worked.

Ramaphosa is set to present his 2019 State of the Nation Address (Sona) on Thursday night with a lot of expectations surrounding the economy, including job creation.

Giving his take on Ramaphosa's work so far, Gqubule says South Africa is sitting with a massive crisis.

Everything that the president has done on the economy has not worked. We have had five quarters since the beginning of last year and three of them have been declining.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

Our unemployment rate now is about 42% for black Africans, 46% for black African women and 48% in the Eastern Cape. We are sitting with a massive crisis, our state owned enterprises are collapsing.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

We need a decisive shift from what is the current policies of the government.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

Gqubule says a fiscal stimulus is needed of about R500bn and a monetary stimulus with a different kind of Reserve Bank.

We need a different kind of Reserve Bank that is going to have compassion towards the suffering of millions of South Africans and start cutting interest rates aggressively.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

We cannot continue like this, at some point you have to bite the bullet and make the tough decisions.

Duma Gqubule, Economist and director - Centre for Economic Development & Transformation

Click on the link below to hear more from Gqubule....


This article first appeared on 702 : 'Everything Ramaphosa has done on the economy has not worked'


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