Durban - It’s going to be a bumper year for the country with much optimism from experts about what is in store for 2017.
From major international events to new plans and projects for local government, experts say there is much to anticipate, especially in Durban.
Economist Professor Bonke Dumisa, a former Durban Chamber of Commerce and Industry chief executive, said the province and country was in for a 2017 “boom”.
“SA economic fundamentals are sound and have always been sound. We are going to have a good year for sure,” Dumisa said.
He said the introduction of the first unit of Kusile, Eskom’s new power station, which was connected to the national grid for the first time on Monday, meant that South Africans would be smiling without having to worry about load shedding in the year ahead.
The greenfields, coal-fired power plant under construction near the Kendal Power Station in Mpumalanga, will comprise six units, each rated at an 800MW capacity when finished.
“This also means that businesses can plan ahead and meet their productivity goals, which is great for us as a country,” said Dumisa.
He said the country would meet its economic projection targets, meaning there would be no need to retrench people.
“Those who are currently employed can expect to keep their jobs, provided the SA Reserve Bank’s monetary policy committee does not push up the repo rate, which would have unintended consequences that could affect employment figures.
The past year has gone down as one of the most economically challenging in history for South Africa, but the year ahead is looking bright,” said Dumisa.
Referring to a recent report by Deloitte on the state of investment in Durban and KwaZulu-Natal, he said the local property market had reached great heights and was currently at its peak.
The study highlights that Durban and KZN is becoming increasingly attractive to foreign investors and more than 56 percent of respondents planned to invest in Durban, and 60 percent in KZN.
According to the report, the large majority of these investments will involve expanding existing operations, followed by establishing new operations, as well as acquisitions and joint ventures.
The report also noted that businesses were planning to relocate some of their operations from other provinces to KZN.
Another economist, Davie Roodt said the employment situation would depend on factors such as the repo rate.
“Interest rates and taxes will increase, which is a bit of a danger for consumers. But on the positive side, commodity prices have gone up, which is a good sign, and I’m also looking forward to major political changes in 2017. If these changes take place, it will be great for us,” said Roodt.
On the local front, Durban is expected to play host to major international events, including the World Skills conference this month, the World Economic Forum Africa conference and the Tourism Indaba in May, the World News Media
Congress in June and the International Congress of Clinical Chemistry and Laboratory Medicine in October.
The International Jazz Extravaganza will also be hosted this year, as well as the Essence Festival, which will return to Durban for its second consecutive year.
The city said it would implement key high-impact projects, which were set to create thousands of investment and employment opportunities. The projects, referred to as catalytic, were the backbone of the municipality’s economy and would transform the city’s landscape.
Durban would also see a number of improvements to projects. These include the new transport plans which are part of GO! Durban, a system that is set to revolutionise public transport.
eThekwini Municipality spokesman Mandla Nsele said other plans included a new wi-fi project for underdeveloped communities.
The municipality planned to install wi-fi equipment in various hot spots around the city. Then there would also be water projects, an agri-park development and integrated human settlements.