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Business confidence the missing link to ease SA’s economic woes - economists

On Tuesday, Statistics SA announced GDP in the third quarter shrank by 0.6%.

Picture: Pexels

CAPE TOWN - Economists believe business confidence was the missing link needed to ease the country's economic woes.

On Tuesday, Statistics SA announced GDP in the third quarter shrank by 0.6%. Mining, manufacturing and transport sectors were the biggest drags on growth.

Economist at FNB Matlhodi Matsei told Eyewitness News on Tuesday the grim economic outlook was set to remain if confidence levels do not strengthen.

“We expect that because of the law business confidence, we should be seeing the weakness coming back in terms of numbers on the private sector front, more especially. I think with government SOEs, it’s unsurprising that those numbers are weak.”

Standard Bank's chief economist Goolam Ballim said government reform would play a formative role in bolstering confidence.

“Business content hinges on government reform agenda and that reform agenda will envelope political stability in the increasing sense that as President Ramaphosa remains in government and that the reforms that he has alluded to will be increasingly tractable.”