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ANC and Business for SA release economic recovery plan amid COVID-19

The South African economy has been in a recession for three quarters, with unemployment now sitting at over 30%.

Residents of Iterileng informal settlement near Laudium queue for food packages on 20 May 2020. Picture: Abigail Javier/EWN

JOHANNESBURG - The African National Congress (ANC) and Business for South Africa have released documents on how the country can best avoid an economic crisis that has been presented by many factors including the COVID-19 pandemic.

The South African economy has been in a recession for three quarters, with unemployment now sitting at over 30%.
More job losses are expected as a result of the impact of the global health crisis.

The proposals published by the two organisations focus on how infrastructure, among other programmes, can help to revive the economy.

The ANC said these programmes would create mass employment opportunities but would depend on an increase in infrastructure development and maintenance.

However, the party admits that this can only be achieved through public-private partnerships as the fiscus is already strained.

Business for South Africa estimates that funding for its economic recovery plan will cost R3,4 trillion over the next three years.

The organisation which represents the majority of South African businesses, which have partnered to respond to the pandemic, released a 12-point plan, which calls for policy consistency, among others, to ensure that business can thrive during this challenging period.

It projects its intervention will create up to 1,5 million jobs, increase GDP by R1 trillion and tax revenues by R100 billion per year.

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