Cape Town — President Jacob Zuma is more upbeat about the economy than some experts, with Zuma saying economic growth is forecast at 1.3% for 2017.
The International Monetary Fund has predicted growth of 0.8% for the year, while the South African Reserve Bank forecasts GDP expansion at 1.1%.
During his State of the Nation Address last night, Zuma spoke about the need for radical socio-economic transformation.
He said there needs to be a “fundamental change in the structure, systems, institutions and patterns of ownership, management and control of the economy.”
Zuma pointed out that white households are earning far more than their black counterparts.
Speaking at a New Age Breakfast briefing this morning, Zuma said it is clear that fair participation in the economy won’t happen on its own.