Democratic presidential hopeful Andrew Yang has promised that if he is elected US president he will “modernise GDP to include health, life expectancy, mental health and environmental quality”.
It would seem that SA’s finance minister, Tito Mboweni, has taken a leaf out of Yang’s book in his approach to repairing our ailing economy. In his economic policy paper released by the Treasury in August, Mboweni makes it clear that the SA economy must be geared towards inclusive growth, economic transformation and competitiveness.
The type of unequal growth experienced in SA over the past two decades — growth that enriches the few at the expense of the many — is both unsustainable and unethical. Extensive research backs this up and shows that traditional measures of national income fail to capture the overall progress of societies. It is essential that the government take into account that the lived experiences of our citizens is as important as their relative wealth.
It is the private sector’s responsibility and in its best interests to play an active role in driving inclusive growth. We need a new social narrative that strikes a balance between shareholder needs and broader, social capital investment. Business has a critical role to play in changing this narrative.Education and skills transfer form a key area where business and government can work together.
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