- South Africa's economy did not reach its potential during former president Jacob Zuma's time as its leader
- An economist at the Bureau for Economic Research, Harri Kemp, found that SA's economy lost out on growth of R1 trillion
- Had the economy kept up with other African countries, 2.5 million jobs could have been created
A lot of money has gone to waste during former president Jacob Zuma's time as leader of South Africa.
The estimated amount of money that was simply squandered stands at a colossal R1 trillion.
According to a report by TimesLIVE, the government would have been able to collect R1 trillion in taxes more if the economy was as strong as it could have been.
Statistically, South Africa's economy could have been 30% bigger and 2.5 million more jobs could have been created. That is, if the economy kept up with other emerging markets in Africa.
However, during Zuma's time as president, the economy was weaker than that of other African countries.
Tax collection wasn't done efficiently, contributing to this massive financial loss.
Harri Kemp, economist at the Bureau for Economic Research revealed this information. He wrote a research paper "Ten Years After the Lehman collapse: SA’s Post-crisis Performance in Perspective".
Kemp wants to know exactly what losses South Africa's economy suffered from 2010 until 2017. He looks at different areas such as job losses, taxes, and growth.
The economist found that if domestic activity matched global growth, SA's GDP would have been R481 billion (15.4%) higher at the end of 2017.
Another possibility was that if South Africa was able to keep up with other commodity-exporting economies, it would have reached a GDP of between R329 billion and R458 billion (10.5-14.7%) higher in 2017.
However, since the economy wasn't handled as effectively, these numbers were never achieved.
Do you have a scandalous story to share with South Africa? Let us know on Facebook and we could be sharing the scandal.
Enjoy the silly Animated Joke: Why Do Men Lie? and check out what else is going on at Briefly South Africa's YouTube channel.