Economist Dawie Roodt says the government’s economic recovery plan must be implemented as soon as possible as the country battles to recover from the ravages of the coronavirus lockdown.
South Africa was already in recession when the coronavirus struck.
President Cyril Ramaphosa has called a joint sitting of Parliament next week Thursday to unveil the government’s long-awaited economic recovery plan for the country.
The economy contracted by a record 51% year on year in the second quarter. Around 2.2 million jobs were lost.
Ramaphosa says the plan will outline extraordinary measures that must be taken in order to bring about a speedy and sustained economic recovery in the country.
Outlining the economic recovery plan:
The plan was first formulated by business and labour at NEDLAC in September and it has since been discussed by the ANC and Cabinet.
Roodt says an economic recovery plan is long overdue.
“At long last, I think we all need to understand that the economy is in very big trouble and the time for making plans is well past its due date. What we need now is really implementation. So hopefully, this plan will include a new actual plan that will be implemented as soon as possible.”
The plan will be tabled in parliament a week before the tabling of the Medium Term Budget Policy Statement by Finance Minister Tito Mboweni.
A race against time to adopt economic recovery strategy for SA: