Economic Freedom Fighters (EFF) leader, Julius Malema, says the government is in denial regarding the dire state of the economy.

Malema was speaking at a debate amongst political party leaders taking place at the Black Business Council Summit at Gallagher Estate, on Thursday.

“Economy is not growing, instead it is going in the opposite direction and this has been the case for many years now. There are those who are in denial about this. According to the Stats SA figures released on Tuesday, we are in a recession, not technical recession Mr Pule Mabe. This is the third recession since 1994, and we’ve had these recessions during the new dawn with investment envoys, investment summits and investment pledges,” says Malema.

He adds that South Africa is facing a serious problem of unemployment, poverty and inequality because the economy is not transformed.

“We must reclaim our economy. There cannot be a reclaiming of the economy without fundamental change,” Malema further says.