CAPE TOWN - Democratic Alliance (DA) Shadow Minister of Finance, David Maynier MP said the Gross Domestic Product (GDP) expanded by 2.5% quarter-on-quarter, lifting the country out of recession.
However, he added that this still provides little hope for the 9.3m South Africans who do not have jobs or have given up looking for jobs.
"The reality is the economy, which is set to grow at just 0.5% this year, is growing too slowly to increase the level of per capita income for the 30.4m people living below the poverty line; or to increase the level of employment for the 9.3m people who do not have jobs, or have given up looking for jobs, in South Africa," Maynier said.
Maynier as a fact stated that radical economic transformation is killing the economy.
"We need a fundamental shift in economic policy to boost economic growth and create jobs in South Africa," he concluded.
- BUSINESS REPORT ONLINE