African National Congress president, Cyril Ramaphosa says government will in the coming days reveal its action plan in response to the technical recession.
Economic growth fell by 0.7% in the second quarter, following a 2.2% decline in the first quarter of 2018. The largest contribution to the slowdown in growth came from agriculture.
Ramaphosa is in Pietermaritzburg, KwaZulu-Natal, where he’s engaging business leaders as the ANC embarks on a process to draft its election manifesto.
He says the public should not be discouraged by the country’s slide into a technical recession.
“We should not forget that we have been here before. We have faced such a situation before and economies go through process. They grow and go down sometimes, but in the end smart governments respond and give guidance on what needs to happen – which is what our government is going to do. We are going to respond to this moment that we are going through and in a number of days we are going to be giving a government response on what do we want to do to inject more in our economy.”
