Tel: 011 972 1111

Zuma commits to implementing measures to mitigate impact of recession


Zuma commits to implementing measures to mitigate impact of recession

By FTW Online.
Zuma commits to implementing measures to mitigate impact of recession
President Jacob Zuma.
Government would implement intervention measures to mitigate the effects on the economy following the country’s shift into a technical recession, said president Jacob Zuma.

“In order to ensure that we can turn the economy around in the shortest possible time, we are drawing on the experience of 2008 and 2009 when the economy was previously in recession,” he said during a Q&A session in the National Assembly yesterday (Thursday).

He noted that the areas in which interventions would be carried out included the energy, manufacturing, transport, mining and agricultural sectors, adding that the aim was to improve South Africa’s exports to the rest of the continent, and reclaim parts of the domestic market. Zuma emphasised that boosting the rate of investment in the economy – through initiatives like Invest South Africa – and bolstering investment in infrastructure was critical to reignite growth in country.

“Unlocking new investment and ensuring better coordination across a range of economic policy instruments available to the state and with our social partners will be important,” he concluded.