Make the SA economy work for graduates

There is a lot of talk about the South African economy but not enough concrete economic policy recommendations. Even the treasury’s revised discussion document lists broad interventions in the economy, which are necessary, but are not policy. The section that could have proposed a macroeconomic framework gives what economics textbooks written many moons ago say.

But economic policy must be informed by a clear understanding of an economy. Gear understood that a structural adjustment economic policy was necessary to stabilise the economy. Barring the effects of the 1997-1999 Asian financial crisis, the economy grew substantially from about 2000 and the growth stayed above 5% until 2007.

The deteriorating economic performance might have exacerbated a demand-side constraint to job creation instead of the purported skills mismatch. The poor management of public finances has caught up with the country. The global economic recession occurred in 2008-2009 and had an effect on the economy. But the economy began declining earlier than that. The recession certainly had an effect on the economy but most other economies have returned to the levels of economic performance they were at before the recession.

Part of the problem is that there has been a structural shift — primary sectors of the economy have been declining while the services sector has been expanding.

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