OPINIONISTA: Part Two: Building Blocks for a new economy

I argued that with the necessary bold thinking, political will and intelligent strategies, we can build an economy which benefits the many, and not just the few. Although our economic problems may seem intractable, various international experiences show that a dramatic social and economic turnaround is indeed possible.

The shocking GDP figures released last week, showing a 3.2% decline, came hot on the heels of the fall in employment seen in the first quarter of 2019. It also follows a technical recession in the first half of 2018. This underlines that we are facing a national emergency, which requires a proportionate response.

These proposals build on the three types of intervention that Part One argued should be introduced in a carefully sequenced manner, and implemented with the necessary boldness. These were: a macro-economic investment and stimulus package to get our economy going; a stabilisation package to protect the most vulnerable people, communities and sectors; and a package of measures to systemically transform our economy over the medium term. Naturally, some of the issues are overlapping.

Second, towards infrastructure. Infrastructure, in addition to having a significant multiplier, greases the wheels of other economic activity. We desperately need to repair our rail, streamline our ports and expand access to the internet while reducing the price of data. Investing in regional infrastructure is also crucial to expand exports.

Source: News Formal (newsformal.com)

The suggestion that we can spend ourselves out of trouble is completely falacious and will kill of the little we have left in SA.

I cannot conceive a situation where an expansionary monetary policy will create anything but inflation and a devaluation of the currency. Previous economic programs didn't work because the funds were misapropriated and for no other reason.

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