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Johannesburg - SA is developing plans to achieve a target growth rate of at least 7% per annum in the near future, President Jacob Zuma said on Wednesday.
In a lecture prepared for delivery to the Renmin University in Beijing, China, Zuma said this target growth rate was achievable as the country was investing heavily in electricity, freight transport systems, and public transport.
Last year SA suffered its first recession in 17 years as a result of the global financial crisis.
While the economy was in recovery mode, data from Statistics SA on Tuesday showed that the country's annualised, adjusted gross domestic product (GDP) growth slowed to 3.2% in the second quarter from 4.6% in the previous quarter.
Zuma said that since SA had won its freedom in 1994, the country's economic performance had improved "dramatically".
"During much of the last decade, we have been able to grow income per person in South Africa by 4% or more."
Zuma said SA's investment rate had also improved. "We expect that with our natural and human resources, we will grow stronger for many years to come."
Like China, SA saw a great future in its relationship with sister countries in Africa.
"Economic studies have shown that South African growth has made a considerable positive impact on African growth, and that the main mechanism has been investment by South African companies in other African countries.
"This has included investments in mining, banking, food production, hospitality and communications. These ongoing economic activities augur well for economic development in the continent."
Zuma is currently on a state visit to China, along with a delegation of about 400 businesspeople.
In a lecture prepared for delivery to the Renmin University in Beijing, China, Zuma said this target growth rate was achievable as the country was investing heavily in electricity, freight transport systems, and public transport.
Last year SA suffered its first recession in 17 years as a result of the global financial crisis.
While the economy was in recovery mode, data from Statistics SA on Tuesday showed that the country's annualised, adjusted gross domestic product (GDP) growth slowed to 3.2% in the second quarter from 4.6% in the previous quarter.
Zuma said that since SA had won its freedom in 1994, the country's economic performance had improved "dramatically".
"During much of the last decade, we have been able to grow income per person in South Africa by 4% or more."
Zuma said SA's investment rate had also improved. "We expect that with our natural and human resources, we will grow stronger for many years to come."
Like China, SA saw a great future in its relationship with sister countries in Africa.
"Economic studies have shown that South African growth has made a considerable positive impact on African growth, and that the main mechanism has been investment by South African companies in other African countries.
"This has included investments in mining, banking, food production, hospitality and communications. These ongoing economic activities augur well for economic development in the continent."
Zuma is currently on a state visit to China, along with a delegation of about 400 businesspeople.
