SA economy won’t grow quickly enough - Ramaphosa

Ramaphosa has told SA business leaders that while he believes 2017 will be a better year for the economy, it won’t grow quickly enough.

South Africa's Deputy President Cyril Ramaphosa talks to potential investors during discussions at a Brand South Africa briefing at the World Economic Forum in Switerland on 17 January, 2017. Picture: Reinart Toerien/EWN

SWITZERLAND – Deputy President Cyril Ramaphosa says that while South Africa’s economy will have less turbulence this year than last year, it still won’t grow quickly enough.

He’s spoken to South African business leaders on the sidelines of the World Economic Forum meeting in Davos along with Finance Minister Pravin Gordhan and Minister of Trade of Industry Rob Davies.

Gordhan started the session explaining that the whole world economy was in an interesting space, then Ramaphosa explained how difficult 2016 was for the South African economy.

But he and business leaders seemed confident they can agree on a common message to sell South Africa to investors.

Earlier in the day, Ramaphosa said South Africa’s institutions acted as shock absorbers for the country last year.
He said this is going to be a better year for the country.

“I have no doubt that 2017 ushers in a much more stable environment in our economy. We are, of course like many other countries, going to be facing slow growth that we went through.”

For more news, analysis and insights on Davos 2017 go to EWN’s WEF portal in partnership with Ashburton Investments.

(Edited by Masechaba Sefularo)