19°C / 3°C
  • Tue
  • 19°C
  • 3°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 20°C
  • 5°C
  • Fri
  • 19°C
  • 3°C
  • Sat
  • 18°C
  • 4°C
  • Sun
  • 16°C
  • 2°C
  • Tue
  • 20°C
  • 10°C
  • Wed
  • 17°C
  • 12°C
  • Thu
  • 17°C
  • 12°C
  • Fri
  • 16°C
  • 10°C
  • Sat
  • 16°C
  • 10°C
  • Sun
  • 18°C
  • 9°C
  • Tue
  • 24°C
  • 15°C
  • Wed
  • 24°C
  • 15°C
  • Thu
  • 24°C
  • 15°C
  • Fri
  • 24°C
  • 14°C
  • Sat
  • 20°C
  • 16°C
  • Sun
  • 18°C
  • 15°C
  • Tue
  • 26°C
  • 16°C
  • Wed
  • 21°C
  • 13°C
  • Thu
  • 17°C
  • 13°C
  • Fri
  • 15°C
  • 11°C
  • Sat
  • 14°C
  • 9°C
  • Sun
  • 15°C
  • 8°C
  • Tue
  • 18°C
  • 5°C
  • Wed
  • 18°C
  • 5°C
  • Thu
  • 18°C
  • 6°C
  • Fri
  • 18°C
  • 6°C
  • Sat
  • 19°C
  • 5°C
  • Sun
  • 18°C
  • 8°C
  • Tue
  • 21°C
  • 6°C
  • Wed
  • 23°C
  • 7°C
  • Thu
  • 23°C
  • 7°C
  • Fri
  • 22°C
  • 9°C
  • Sat
  • 23°C
  • 8°C
  • Sun
  • 17°C
  • 11°C
  • Tue
  • 24°C
  • 11°C
  • Wed
  • 18°C
  • 9°C
  • Thu
  • 19°C
  • 10°C
  • Fri
  • 14°C
  • 5°C
  • Sat
  • 17°C
  • 4°C
  • Sun
  • 17°C
  • 5°C
  • Tue
  • 25°C
  • 19°C
  • Wed
  • 23°C
  • 16°C
  • Thu
  • 17°C
  • 14°C
  • Fri
  • 17°C
  • 13°C
  • Sat
  • 15°C
  • 11°C
  • Sun
  • 15°C
  • 10°C
  • Tue
  • 20°C
  • 6°C
  • Wed
  • 21°C
  • 7°C
  • Thu
  • 21°C
  • 8°C
  • Fri
  • 21°C
  • 6°C
  • Sat
  • 21°C
  • 8°C
  • Sun
  • 20°C
  • 10°C
  • Tue
  • 20°C
  • 6°C
  • Wed
  • 21°C
  • 6°C
  • Thu
  • 21°C
  • 7°C
  • Fri
  • 21°C
  • 6°C
  • Sat
  • 22°C
  • 6°C
  • Sun
  • 22°C
  • 8°C
  • Tue
  • 22°C
  • 13°C
  • Wed
  • 17°C
  • 12°C
  • Thu
  • 17°C
  • 12°C
  • Fri
  • 15°C
  • 10°C
  • Sat
  • 16°C
  • 10°C
  • Sun
  • 17°C
  • 9°C
  • Tue
  • 19°C
  • 5°C
  • Wed
  • 19°C
  • 5°C
  • Thu
  • 18°C
  • 5°C
  • Fri
  • 20°C
  • 3°C
  • Sat
  • 21°C
  • 5°C
  • Sun
  • 21°C
  • 5°C

Zuma blames international factors on poor economic growth

He says South Africa is not alone, as other emerging markets are also affected by poor growth.

Caption: President Jacob Zuma addressed a group of South African Ministers and private sector parties at the World Economic Forum in Davos, Switzerland on 21 January 2016. Picture: Reinart Toerien/EWN.
economy,Sona 2016,South Africas economy,Sona update
Business Local Politics

JOHANNESBURG – During his 2016 State of the Nation Address, President Jacob Zuma moved to address fears about slow growth locally.

Zuma says a number of international factors are affecting growth.

“Global growth still remains muted. Financial markets have become volatile. The currencies of emerging markets have become weak and they fluctuate wildly.”

He says South Africa is not alone, with other emerging markets also affected by poor growth.

“The International Monetary Fund and the World Bank predict that the South African economy will grow by less than one percent this year. The lower economic growth outcomes and outlooks suggest that revenue collection will be lower than previously expected.”

Zuma says the answer lies with promoting small business and Black Economic Empowerment.

“One of our new interventions is the Black Industrialists Scheme, which has been launched to promote the participation of black entrepreneurs, in manufacturing.”

At the end of last year, the local currency touched record lows against the US dollar, British pound and the euro at the announcement of the removal of former Finance Minister Nhlanhla Nene.

Investors seem to still be concerned about the fallout from Nene’s dismissal as they think it hasn’t been properly explained.

WATCH: Markets react to Finance Ministry musical chairs

(Edited by Masechaba Sefularo)

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN reserves the right to close comments on selected content pages.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.