S.Africa: Boer: Dawie Roodt shares bad news about South Africa
(005875.811-:E-000062.43:N-AC:R-SU:C-30:V)
Renowned economist Dawie Roodt said South Africa will continue to deteriorate, albeit at a slower pace than before.
Roodt told Nuuspod’s Izak du Plessis that South Africa’s new government of national unity (GNU) positively impacted the financial markets.
The rand strengthened, the equity markets showed strong growth and reached all-time highs, and the bond market became healthier.
This has a spillover effect on the real economy. The stronger rand, for example, made fuel prices much lower.
The new ministers can also result in a more effective government, which, in turn, will help the country’s economy.
However, the South African economy is still growing very slowly, which means that citizens continue to get poorer.
This is driven by the ANC’s ideological position, which is left-leaning and business-unfriendly. Roodt said this did not change.
“South Africa’s macro-economic policy did not change. South Africa needs a structural change,” Roodt said.
He highlighted that destructive policies, like expropriation without compensation and minimum wages, are still part of government thinking.
“When you continue to do the same things, like the government is doing, you will continue to get the same results,” he said.
“There may be some improvement in economic growth, but I am afraid we cannot speak about good economic growth in South Africa.”
Roodt said strong economic growth will only happen when the country’s policies and politics change.
He added that South Africans are struggling as the population grows at around 2% while the economy only grows at around 1%.
With some luck, South Africa’s economy may grow by 2% to 3%. However, this is not good enough to bring big social changes.
South Africa should aim for economic growth of 5% to 6%. However, this is impossible with the current government policies.
“Over the past fifteen years, South Africans became poorer. This will continue. Unemployment and poverty are here to say,” he said.
“The country will also continue to deteriorate. The tempo may be slower, but the decline will continue.”
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