All data is delayed
Loading...
See More

SA will not reach growth target - Zuma

Feb 12 2016 07:05
Liesl Peyper
Cape Town - South Africa will not reach its growth target of 5% per year, President Jacob Zuma said in his State of the Nation Address.
 
The National Development Plan stipulates that South Africa’s economy needs to grow by at least 5% annually to make a meaningful dent in inequality, unemployment and poverty.
 
The World Bank has meanwhile adjusted the necessary growth rate upwards to more than 7% in order for the country to make significant strides in poverty reduction.
 
“Given the economic conditions I have painted, it is clear that we will not achieve that growth target at the time we had hoped to achieve it,” Zuma said.
 
“The tough global and domestic conditions should propel us to redouble our efforts, working together as all sectors. We cannot change the global conditions, but we can do a lot to change the local conditions.”

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

NEXT ON FIN24X

 
 
 
 

Company Snapshot

We're talking about: SMALL BUSINESS

From fossils to finance – that’s been the career trajectory of Dr Merrill van der Walt, a palaeontologist until recently. She is now a statistician with a difference.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

SA's avoidance of junk status by rating agencies: Moody's and Fitch

Previous results · Suggest a vote

Loading...