South African President Cyril Ramaphosa said on Thursday that his government would launch another phase of reforms to try to lift economic growth above 3%.
“We want a nation with a thriving economy, an economy that benefits all to create this virtuous cycle of investment growth and jobs, we must lift economic growth to above 3%,” Ramaphosa said in his annual state of the nation address to parliament.
The central bank’s most recent forecast is that the economy will grow 1.8% this year.
Thursday’s annual address is the first under a coalition government that was formed last year after Ramaphosa’s African National Congress lost its parliamentary majority in an election for the first time since the end of apartheid in 1994.
Ramaphosa said an immediate focus for the government was to enable struggling state companies like power utility Eskom and logistics group Transnet to function optimally. Another priority was investments in infrastructure, the president added.
Reuters
