Business
#OFMBusinessHour: A setback to the recovery of the economy affects us all─── 21:19 Thu, 09 Dec 2021
A setback to the recovery of the South African economy matters, because it affects all our livelihoods, says North West University (NWU) Economics Professor, Waldo Krugell.
Krugell was speaking on the back of the release of the third quarter Gross Domestic Product (GDP) figures by Statistics South Africa (Stats SA), which revealed the economy contracted by 1,5% between July and September 2021. The contraction was largely due to the riots witnessed in the country's KwaZulu-Natal and Gauteng provinces in July.
Krugell weighed in on the developments telling the OFM Business Hour "if the economy does not grow, we cannot create jobs. If the economy does not grow, it increases the pressure for a basic income grant that the government and taxpayers cannot afford. If the economy does not grow, government debt becomes more unsustainable".
Listen below for more of Professor Krugell's insights.
