DURBAN - Finance Minister Tito Mboweni highlighted crucial talking points and decisions that South Africa needs to make to improve its economic growth prospects and successfully manage the country’s economy out of the technical recession said The Durban Chamber of Commerce and Industry on the 2018 Medium-Term Budget Policy Statement.
The revised growth forecast for South Africa from 1.5% to 0.7% in 2018 is a concern said the DCCI. However, they are looking forward to the planned Investment Summit, as well as other national, provincial and local initiatives, that will encourage investment and stimulate economic activity.
According to the chamber, they support government’s commitment to economic development in townships saying that stimulating economic activity in townships and rural areas will help bridge the gap between the so-called “first” and “second” economies.
The Durban Chamber also supports government’s commitment to empowering emerging farmers, especially farmers focused on export-orientated crops. Greater investment and development in this sector can lead to job creation and wealth creation.
The Durban Chamber is encouraged to hear that government plans to accelerate public-private partnerships and agree that in order for these projects and initiatives to operate properly and to be successful there need to be concrete terms of reference as well as service level agreements.