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SA needs turn-around package, not stimulus package - economist

Cabinet has resolved that for the economy to recover there will have to be an urgent implementation of a stimulus package.

President Cyril Ramaphosa. Picture: GCIS.

JOHANNESBURG - Mining, manufacturing and agriculture are three of the main sectors which economists say President Cyril Ramaphosa must focus on when he releases details about the much-anticipated stimulus package.

Ramaphosa shared some of the details with business and labour during a meeting last week.

The government is expected to spend R43 billion on attempts to get South Africa’s economy out of a technical recession.

Economist Iraj Abedian from Pan-African Investment and Research Services says the country needs a turn-around package, not a stimulus package.

“The economy has gone through such a contraction stage that all sectors need to be revived, and therefore, it doesn’t need and cannot absorb a stimulus.”

Senior analyst at Rand Swiss Viv Govender says he wants the president to also provide clarity and direction on policy uncertainty like land expropriation without compensation.

“What’s going to happen with the land expropriation debate is really something troubling in the agriculture sector.”

Cabinet has resolved that for the economy to recover there will have to be an urgent implementation of a stimulus package.

(Edited by Zamangwane Shange)