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Kganyago: SA economy not growing, global conditions not to blame

Kganyago’s warned that policy certainty, especially in mining and agriculture is crucial if the recession isn’t to deepen.

FILE: Reserve Bank Governor Lesetja Kganyago. Picture: GCIS.

CAPE TOWN - Reserve Bank Governor Lesetja Kganyago says while economies around the world are picking up, South Africa is lagging behind, suggesting that global conditions cannot be blamed for the country’s economic woes.

Kganyago and his team briefed Parliament’s Standing Committee on Finance earlier Tuesday.

Kganyago’s warned that policy certainty, especially in mining and agriculture is crucial if the recession isn’t to deepen.

Kganyago says while the global economy is accelerating, South Africa has slipped into recession.

“Domestic response to this world growth is unusually weak and could be suggesting that the problems are idiosyncratic. It’s not that the reason why we’re faced with is because we have a weak global economy.”

Kganyago says South Africa and Venezuela are the only sizeable economies in the world that are currently in recession.

“Everyone else is actually growing”

He says the recession in South Africa could deepen further if policy certainty is not forthcoming in mining and agriculture, the only two sectors to have shown growth.

(Edited by Zinhle Nkosi)