economy

NDP 5.4 Percent Economic Growth Possible

The National Development Plan's (NDP) trajectory of a 5.4 percent average economic growth rate per year is realistically impossible.
 
Members of Parliament (MP) have weighed in on the debate about this, after the chairperson of the National Planning Commission, Jeff Radebe, says they are not going to revise it downward, as the National Treasury and all other financial institutions have done recently.
 

Moz Requests Financial Assistance from IMF

Mozambique has requested financial assistance from the International Monetary Fund (IMF) for the first time in a decade.

An IMF delegation visited Mozambique from 14-28 October 2015, to complete discussions towards the completion of the fifth review under the three-year Policy Support Instrument (PSI) approved in June 2013 and to reach understandings on a new programme to be supported under the IMF's Stand-by Credit Facility.

Lack of Opportunities Blamed for Unemployment

Minister in the Presidency, Jeff Radebe, says while unemployment in South Africa is exacerbated by a lack of appropriate skills‚ it is also compounded by the shortage of suitable post-school education opportunities.
 
Speaking on the occasion of the release of the government’s Development Indicators 2014 report, Radebe pointed out that the indicators reflect that one in four working age adults actively seeking employment remained unemployed during the period under review.
 

The State of Electricity in South Africa - Part II: The Progress in Medupi

The construction of Medupi power station was first commissioned in 2007 to remedy Eskom’s electricity capacity, which had started exhibiting signs of failure to meet demand. It is the fourth dry-cooled, baseload station built in 20 years by Eskom after the Kendal, Majuba and Matimba power stations.

Legislation Aimed at Tanzania’s Poor

Tanzanian President, Jakaya Kikwete, has signed a legislation which could ensure his country's fiscal and economic stability and help ensure revenue from Tanzania's natural gas discoveries brings socioeconomic progress for Tanzanian citizens.

The recent gas discoveries have the potential to bring in as much as US$1.4 billion per year to Tanzania which is more than 10 percent of current government revenues.

The new revenues could help provide basic needs for citizens such as improved primary healthcare and access to quality education.

Recession to Affect the Black Middle Class

The Institute of Race Relations (IRR) report has found that, unsecured credit levels which have now more than trebled and with interest rates likely to rise, black consumers will be hit the hardest.

The IRR warns that, “South African consumers are under growing economic pressure and that this may further dampen the country’s economic outlook”.

Furthermore, the tightening of belts will contribute to a financial downturn, as consumer spending, accounts for up to 60 percent of gross domestic product.

Call to Empower Women to Grow Economies

The World Bank has recently reported that South Africa could boost its growth to 5.4 percent and double people's incomes between now and 2030.

The bank says however, that this could be possible if the country can overcome the huge obstacle of under-employment and make the most of the growing working-age population.

The bank is of  the view that getting basic education and post-school vocation training right is vital, adding that educating, empowering and employing more women is a strong route to economic growth and to a more resilient and balanced nation.

SA at Risk But Not in Crisis

South Africa does not face a crisis despite high crime, unemployment and inequality, though weak growth and poor governance have made it more likely things could go badly wrong, according to a new paper from the Institute for Security Studies (ISS).

‘The margin for error is thin, but there is still reason to be optimistic,’ says ISS executive director, Jakkie Cilliers, who has revised his South Africa Futures scenarios to take account of electricity shortages, 2014 election results, new population figures and incoherent government policy.

Africa Urged to Tackle Corruption and Tribalism

United States President, Barack Obama, gave Africa a lecture on obstacles of corruption, tribalism and gender discrimination holding back the continent in the midst of a visit celebrating the region's emerging economic dynamism.
 
Obama, who delivered the message at an indoor arena filled with thousands of young people in Kenya, the ancestral homeland of his father, also admonished Africans to set aside traditional limits on the education of girls and aspirations of women, saying they undermine competitiveness in a global economy.
 

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