Johannesburg - South Africa must recognise that it had to restructure its economy and it could not afford to put off restructuring any longer, renowned US financial expert and economics author John Mauldin said yesterday.
Its trade and government’s budget and current account deficits levels were worrying and if this was not corrected, the country’s currency would take a further knock as Western economies reached the end of their hard times.
During a seminar on the future of finance hosted by Glacier by Sanlam, Mauldin said South Africa needed to restructure its economy in far more significant ways than it had done in the past five years.
His sentiments came at a crucial time when South Africa has just been surpassed by Nigeria as the largest economy in Africa.
Mauldin, the widely followed economics commentator whose best-selling economics literature in the US has turned him into a financial celebrity, said South Africa would have to aggressively restructure its trade dynamics and financial relationships with the rest of Africa. However, it would have to start at home.