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We must accept SA economy in serious crisis - Black Business Council

The Black Business Council has likened government’s response to the economic and unemployment crisis to that of a deer in the headlights.

Black Business Council president Sandile Zungu. Picture: https://twitter.com/BlackBCouncil

JOHANNESBURG - The Black Business Council has likened government’s response to the economic and unemployment crisis to that of a deer in the headlights.

The country was reeling from the latest unemployment figures, which has risen to 29% for the second quarter of 2019. The figures were last seen in 2008 during the global recession.

The council’s president Sandile Zungu said that what was required was a frank acceptance of the fact that the country’s economy was in a serious crisis.

"The mismanagement of Eskom over a very long period is starting to really hurt us now and that will put fear into investors, not only international investors but also domestic investors, and what we need to do right now as a country is to come out and say we are aware of the challenges that we face."

South Africa's unemployment rate hit 29% in the second quarter of 2019, the highest level since the first quarter of 2008. Picture: AFP

Meanwhile, Nedbank economist Isaac Mashego said that government appeared to be moving in the right direction by restoring the country’s developmental institutions.

He explained that some of the challenges being faced, including the despondency from investors, were consequences of past missteps.

"What government has got to do is come up with new measures that will make it easier for businesses to invest in this economy and do away with unnecessary red tape and ensure that our responses are fit for purpose."

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