Mboweni releases economic blueprint, promises stronger growth if reforms are implemented | Fin24
 
  • Renewables

    The govt is assessing a R160bn plan to establish the world’s largest green-energy financing initiative.

  • Biggest Jump

    Oil prices have spiked after drone attacks in Saudi Arabia disrupted global supply.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

Mboweni releases economic blueprint, promises stronger growth if reforms are implemented

Aug 27 2019 19:23
Khulekani Magubane
Finance Minister Tito Mboweni during a media brief

Finance Minister Tito Mboweni during a media briefing after his first mid-term budget speech at Parliament on October 24, 2018 in Cape Town (Gallo Images / Times Live / Esa Alexander)

Related Articles

Africa is 'new frontier of economic growth', Ramaphosa tells G7 leaders

Nest egg raid or tool for development? Your guide to prescribed assets

Eskom unbundling will be 'just', 'sustainable': Public Enterprises gives update

Solly Moeng: If SA were a business, we'd have axed those at the top

 

Minister of Finance Tito Mboweni on Tuesday afternoon released an economic strategy blueprint for South Africa to boost growth and create jobs. 

"This paper is a detailed examination of the structural reforms that can reverse the downward trend in South Africa’s growth potential and competitiveness," said National Treasury in an accompanying statement. 

Treasury said that if the proposals contained in the report "Economic Transformation, Inclusive Growth and Competitiveness: Towards an Economic Strategy for South Africa" are implemented, annual economic growth could be raised by up to 3 percentage points and one million job opportunities created. 

The 77-page report was released on National Treasury's website on Tuesday afternoon. Many of the proposed reforms draw on existing proposals in other documents including the National Development Plan.

The document states that a combination of low growth and rising unemployment means that South Africa’s economic trajectory is unsustainable. 

"The bulk of the interventions are realistically executable in the medium term, and include reforms in the telecommunications, agriculture, services, and transport industries. Short-term interventions are important as they lay a foundation for other reforms, while long-term interventions address competitiveness," the report said.

It deals with six main themes:

  • Modernizing network industries to promote competitiveness and inclusive growth;
  • Lowering barriers to entry and addressing distorted patterns of ownership through increased competition and small business growth;
  • Prioritizing labour-intensive growth: agriculture and services;
  • Implementing focused and flexible industrial and trade policy to promote competitiveness and facilitate long-run growth;
  • Promoting export competitiveness and harnessing regional growth opportunities;
  • Quantifying the impact of proposed growth reforms.

Mboweni has called on members of the public to submit comments on the document by September 15. 

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

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

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...