[pietermaritzburg] - Fragile economy

  |   Pietermaritzburgnews

President Cyril Ramaphosa must have felt like King Canute this week as on the one hand he was securing a $60 billion aid and loan package from China to steady South Africa, while on the other the tide of recession rose without check to wreak havoc on all the country’s economic indicators.

Under these conditions South Africa will struggle to register any growth for 2018, and Ramaphosa’s dream of boosting growth to three percent this fiscal year has now turned into a nightmare, not only economically but politically.

The rot of the Zuma years runs to the core of every aspect of the state, and those who imagined that Ramaphosa, faced with a volatile and hostile global climate and the legacy of theft and economic sabotage, would be able to chart a new course immediately must be finding themselves sorely disheartened....

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