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Some economists give stimulus, recovery plan thumbs up

President Cyril Ramaphosa announced the plan on Friday, saying that measures were being taken to reduce the cost of doing business in the country.

Picture: Pexels

JOHANNESBURG - The economic stimulus and recovery plan has been given the thumbs up by some economists as a way to lift the country out of the technical recession.

President Cyril Ramaphosa announced the plan on Friday, saying that measures were being taken to reduce the cost of doing business in the country.

This includes a review of administrative prices charged for electricity and the reduction of ports and rail tariffs. Infrastructure, tourism and mining will also receive attention.

Standard Bank's Goolam Ballim says the groundwork has been laid by replacing leadership at state-owned entities and elsewhere.

He also says relaxing visa requirements will help the tourism industry, a vital area for economic growth.

“I am convinced that some of the changes in removing the visa requirements, especially for children, will probably make it easy for, say the British, to travel to South Africa.”

Economist Thabi Leoka says while implementation is key the economy needs a kickstart.

“We need to resurrect this economy and sustain growth and what I like about it is that is it infrastructure focused.”

The plan includes a revised mining charter, changes to visas, a R400 billion infrastructure fund and other measures to boost growth.

(Edited by Refilwe Thobega)

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