‘The economy isn't growing fast enough to create jobs’

Treasury has said it believes the economy would grow by 0.9 percent this year.

FILE: Treasury Director General Lungisa Fuzile. Picture: treasury.gov.za

JOHANNESBURG - Treasury Director General Lungisa Fuzile says changing the country's macroeconomic policy is unlikely to stimulate economic growth.

He also says the economy is simply not growing fast enough to create jobs.

Speaking at a business conference in Johannesburg, Fuzile says it's unlikely that growth or the stimulation of the economy will come from reducing taxes or increasing expenditure.

He also says the choice of which taxes to increase and the rate at which they were increased was informed by making sure damage to economic growth was minimised.

Treasury has said it believes the economy would grow by 0.9 percent this year, but Fuzile says the Treasury is likely to lower its growth forecasts in its medium term budget policy statement in October.