Streaming issues? Report here
CapeTalk logo 2017 1500 x 1500 CapeTalk logo 2017 1500 x 1500
Best of CapeTalk
22:00 - 00:00
volume_up
volume_mute

Up Next: Early Breakfast with Africa Melane
See full line-up
Best of CapeTalk
22:00 - 00:00
Home
arrow_forward
Business
fiber_manual_record
Opinion

Does Govt have a plan to fix our lockdown-smashed, drowning-in-debt country?

14 September 2020 6:25 PM
Tags:
Economy
National Treasury
Tito Mboweni
South African Reserve Bank
Sarb
Agriculture
The Money Show
Bruce Whitfield
Debt
Treasury
Duma Gqubule
Economic Recovery Plan
Lockdown
COVID-19
covid-19 in south africa
economic recovery
Centre for Economic Development and Transformation

The Money Show’s Bruce Whitfield interviews Duma Gqubule, founder at the Centre for Economic Development and Transformation.

National Treasury expects the South African economy to shrink by 7.2% this year, much in line with the South African Reserve Bank’s forecast of a 7.3% contraction.

On Sunday, however, Finance Minister Tito Mboweni warned that those forecasts are likely to be too optimistic.

Mboweni says that the country’s public finances were “unsustainable” even before the pandemic.

The country’s GDP fell by 51% in the second quarter of 2020, the economy’s worst-ever performance by far.

The apocalyptic plunge was the fourth quarterly contraction in a row.

South Africa’s wildly productive farms kept the nation afloat and fed, with agriculture (up 15%) the only sector recording any growth.

Treasury expects a R300 billion tax revenue shortfall.

The Money Show’s Bruce Whitfield interviewed Duma Gqubule, founder at the Centre for Economic Development and Transformation.

Does the South African government have an economic recovery plan?

We’ve had five consecutive years of contracting GDP per capita…

Duma Gqubule, founder - Centre for Economic Development and Transformation

… the lockdown was too severe and too long…

Duma Gqubule, founder - Centre for Economic Development and Transformation

We could by the end of 2020 see another two million people lose their jobs – pushing the number of unemployed people to 12.4 million people… It’s a humanitarian crisis! … It [job losses] has not ended… We’re going to see a bloodbath… It’s incredible – a third of middle-class households are going to move to a precarious existence…

Duma Gqubule, founder - Centre for Economic Development and Transformation

The government will have no option but to extend some of these benefits… For them to withdraw these grants… I don’t think it’s practical…

Duma Gqubule, founder - Centre for Economic Development and Transformation

Listen to the interview in the audio below.


14 September 2020 6:25 PM
Tags:
Economy
National Treasury
Tito Mboweni
South African Reserve Bank
Sarb
Agriculture
The Money Show
Bruce Whitfield
Debt
Treasury
Duma Gqubule
Economic Recovery Plan
Lockdown
COVID-19
covid-19 in south africa
economic recovery
Centre for Economic Development and Transformation

More from Covid-19 coronavirus explained

Rapid  test for antibody detection Covid-19 coronavirus antibody test 123rf

Covid-19 antibody tests now available in SA, but what do they really tell us?

19 October 2020 9:26 AM

Epidemiologist Dr Boffa explains why the antibody test is not a guarantee you've had the virus, nor that you won't be re-infected.

Share this:
Read More arrow_forward

Cyril Ramaphosa

[WATCH] President Cyril Ramaphosa details his economic recovery plan

15 October 2020 3:42 PM

The President presented his plan for fixing South Africa's life-stealing economy on Thursday.

Share this:
Read More arrow_forward

Mkhize

Mkhize wants more power to restrict your behaviour – after the State of Disaster

15 October 2020 2:05 PM

"Why does he want those powers? I am worried about that," says law Professor Elmien du Plessis. "We need an explanation."

Share this:
Read More arrow_forward

World Health Organsation flag logo WHO 123rf

[WATCH] WHO backtracks on lockdown as primary means of curbing Covid-19

14 October 2020 10:31 AM

Watch the interview with WHO envoy David Nabarro and John Maytham talks to vaccinologist Prof Shabir Madhi about the shift.

Share this:
Read More arrow_forward

female-students-party-young-girls-women-fashion-beer-drinking-booze-youth-123rf

Desperate to socialise, less-at-risk young Capetonians are spreading Covid-19

14 October 2020 9:38 AM

"It’s been very hard for everyone, especially for them [teenagers]," says Dr Karen van Kets.

Share this:
Read More arrow_forward

Covid-19 surgical mask shocked surprised woman 123rf

New Covid-19 infections in Cape Town rise for first time since level-1 lockdown

13 October 2020 11:57 AM

Much like in Europe and elsewhere, new infections are increasingly happening in younger populations, reports Barbara Friedman.

Share this:
Read More arrow_forward

Ampoule with a vaccine from the new coronavirus COVID-19 123rf

Why one-third of South Africans say no to Covid-19 vaccine

12 October 2020 7:52 AM

National Immunisation Safety Expert Committee chair Prof Hannelie Meyer looks at survey results and the impact of misinformation.

Share this:
Read More arrow_forward

Donald Trump USA America flag Star-Spangled Banner 123rf 123rfworld

How sick is Donald Trump, actually?

5 October 2020 9:01 AM

The US and the world are pining for credible information about Donald Trump’s health.

Share this:
Read More arrow_forward

Donald-Trump-US-president-White-House-America-politics-123rf

Donald Trump tests positive for Covid-19

2 October 2020 8:07 AM

"Tonight, First Lady of the United States and I tested positive for Covid-19," tweeted Trump.

Share this:
Read More arrow_forward

Coronavirus Covid-19 South African flag 123rf

SA drops to 10th place as Covid-19 infections surge in Spain and Argentina

25 September 2020 12:10 PM

At its peak, South Africa ranked 5th in the world. The country ranks 13th by the total number of deaths.

Share this:
Read More arrow_forward

More from Information about Covid-19 coronavirus

Woman saving money piggy bank mask 123rf 123rfbusiness 123rflifestyle

Money lessons Covid-19 taught – heed them for a brighter, wealthier future

25 September 2020 10:44 AM

Your financial future – even if you have to start over – could be brighter than it would’ve been without the pandemic.

Share this:
Read More arrow_forward

rands

Covid-19 resurgence in Europe smashes South African rand off its pedestal

21 September 2020 6:50 PM

The rand was just recently trading at a six-month high. Arabile Gumede interviews Bianca Botes (Peregrine Treasury Solutions).

Share this:
Read More arrow_forward

Cape Town International Airport-flight-passengers-travel-airline-tourism-123fjpg

Open South Africa’s borders, please! - once-prospering tourism industry

14 September 2020 7:00 PM

Bruce Whitfield interviews tourism consultant Gillian Saunders, a previous advisor to former Tourism Minister Derek Hanekom.

Share this:
Read More arrow_forward

high school highschool student scholer learner 123rf female girl mask facemask

ADvTECH lost R88 million as students withdrew due to Covid-19

31 August 2020 7:42 PM

The Money Show’s Bruce Whitfield interviews Roy Douglas, CEO at ADvTECH.

Share this:
Read More arrow_forward

Lost City at Sun City 123rf 123rflifestyle 123rfbusiness

Sun Int reports losses of R885m. Debt balloons to R13.3bn (4x its market cap)

31 August 2020 6:43 PM

The Money Show’s Bruce Whitfield interviews Anthony Leeming, CEO at Sun International Group.

Share this:
Read More arrow_forward

Stellenbosch Church Street Dutch Reformed Mother Church 123rf

Stellenbosch makes a genius plan to kickstart its lockdown-smashed economy

31 August 2020 4:35 PM

The Money Show’s Bruce Whitfield interviews Mike Ratcliffe, Chairman of Visit Stellenbosch.

Share this:
Read More arrow_forward

Cyril Ramaphosa

Ramaphosa’s scorecard: The state (not the ANC) has done alright - JP Landman

24 August 2020 6:52 PM

"The state is on a new trajectory – it’s vital the ANC follows suit," says political analyst JP Landman.

Share this:
Read More arrow_forward

Dilapidated Room

How to protect what’s left of our ruined economy - and rebuild what's been lost

17 August 2020 7:26 PM

The Money Show’s Bruce Whitfield interviews Nazmeera Moola, Head of SA Investments at Ninety One.

Share this:
Read More arrow_forward

Heartshaped pizza 123rf 123rfbusiness 123rflifestyle

Heartbreaking legacy of the lockdown on SA’s near-dead restaurant industry

17 August 2020 6:59 PM

South Africa’s 15 000 sit-down restaurants employ 500 000 people. Bruce Whitfield interviews Grace Harding, CEO at Ocean Basket.

Share this:
Read More arrow_forward

20200425ndzonlevel4jpg

Cigarette sale ban will leave lasting, criminal legacy – former Sars lawyer

17 August 2020 6:40 PM

The Money Show's Bruce Whitfield interviews Telita Snyckers, author of “Dirty Tobacco: Spies, Lies and Mega-Profits".

Share this:
Read More arrow_forward