September 2018

<p>This year, emerging markets will average economic growth rates of around 5%. But, largely because of counterproductive policy decisions of the government, South Africa will probably achieve only a tenth of that — rates averaging 5% were last seen more than a decade ago.</p>
<p>The structure of GDP continues to evolve in the direction of a tertiary-orientated and post-industrial economy. There is also relatively little life across any of the ten major sectors of the economy, a problem reflected in their combined weak contribution to employment growth. More jobs will surely be lost as the fiscal crisis forces the government into some measure of austerity.  </p>
<p>Policy reform is the only real ‘stimulus’ package open to the government. Otherwise, there will be little improvement in the numbers reflected in this report.</p>
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