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SA needs to create confidence in economy - Gordhan

Sep 07 2016 15:54
Liesl Peyper

Cape Town -  If South Africa wants the economy to grow it should show the world a political and economic environment that generate the right kind of confidence, said Finance Minister Pravin Gordhan in parliament on Wednesday.

He was responding to an oral question from the ANC about the economy and a possible ratings downgrade.

“If you want an economy to grow you have to create a stable, predictable environment. Are we doing enough to create confidence in our economy? We need to be able to say to investors: ‘You can come here, your money is safe’. But for local and foreign direct investment we need to project a national front and help build confidence,” Gordhan said.

He added that although South Africa managed to survive the first round of ratings reviews earlier this year the country is now entering the second round.

“We need to work together with our social partners to stave off this second round of possible downgrades.”

WATCH: Second quarter data indicates a recession is unlikely in SA – Gordhan

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