Africa: South Africa's Real Recession Hits Home

Earlier this month, minister in the presidency Khumbudzo Ntshavheni praised South Africa's latest GDP growth figures -- which, in contrast to the minister's fawning, confirmed that our economy is heading nowhere, fast. Still, the presidency's posturing did echo the government's perennial disconnect from the harsh economic realities vulnerable South Africans face daily.

For instance, when considered against population growth, it becomes evident that the average South African's purchasing power continues to decline at a steady pace. This more than a decade-long trend of diminishing GDP per capita signifies that, amid an escalating cost of living crisis, the vast majority of South Africans are experiencing economic regress, not progress.

Three decades after being elected into government, across every single one of the above-mentioned dimensions, the ANC's track record demonstrates a distinct failure to deliver the empowerment South Africans deserve. Many wallets have already been wrung dry this year, and stomachs left growling. We have yet to experience the full extent of the crisis. According to the World Data Lab, by 2025, the escalating food crisis will leave half of South Africans unable to meet their basic food consumption needs.

But this attempt to establish a narrative of having forged economic resilience and recovery must be seen as a ploy to boost the party's image after decades of industrial-scale mismanagement of the economy. Instead of adopting ruthless and targeted growth-focused reforms, the government is doubling down on destructive policies such as expropriation without compensation and racialisation of our employment legislation and public procurement framework.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South Africa: African Games - South Africa Overtakes Nigeria On Medals TableWhile Team Nigeria added three silver and four bronze medals, it wasn't enough to maintain their second-place position.
Source: allafrica - 🏆 1. / 99 Read more »

South Africa: Will South Africa's Voters Survive the Disinformation Deluge?The biweekly report by the Centre for Analytics and Behavioural Change (CABC) sheds light on what they describe as concerning trends in online activity leading up to South Africa's general elections.
Source: allafrica - 🏆 1. / 99 Read more »

South Africa’s economy narrowly avoids a recessionThe transport and mining industries were the key contributors to fourth quarter GDP growth
Source: mailandguardian - 🏆 2. / 92 Read more »

There is a global free speech recession and South Africa is not immuneOPINION | There is a global free speech recession and South Africa is not immune
Source: News24 - 🏆 4. / 80 Read more »

SA may have averted technical recession in Q4 of 2023: Analysts - SABC NewsAnalysts suggest that South Africa may have managed to avoid a technical recession.
Source: SABC News Online - 🏆 32. / 51 Read more »

Central Africa: Africa/Central Africa - the New Cold War Passes Through MercenariesIs the Central African Republic a 'Paradise of mercenaries'? The country has long been the scene of the intervention of various private military companies (PMCs), at least since March 2003, when François Bozizé took power in a coup supported by France against President Ange-Félix Patassé.
Source: allafrica - 🏆 1. / 99 Read more »