Whoever wins election will face difficult task of saving economy

Whoever wins election will face difficult task of saving economy

- Whoever win's tomorrow election will face the daunting task of rehabilitating South Africa's economy

- This will require drumming up foreign investment and tackling corruption

- This will be no easy feat, as unemployment is steadily increasing and growth in the last year has been around 1%

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While all signs suggest that Cyril Ramaphosa will remain power after this election, his job will not be easy.

In addition to dealing with a divided party, he will also have to take on South Africa's struggling economy.

With growth slowing and unemployment heading closer to 30%, Ramaphosa faces a daunting task.

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Corruption, increasing national debt and a lack of investor confidence have all dealt harsh blows to South Africa's economy, which has experienced extremely low growth over the last several years despite being Africa's most industrialised economy.

According to credit ratings agency, Moody's, this low growth - coupled with high unemployment - is the country's chief economic challenge. To address it, the president will have to attract foreign investment and put a stop to corruption, according to Eyewitness News. 

Additionally, these economic pressures stoke social unrest. Increasing fuel prices, a sluggish Rand and glaring economic inequalities undermine social cohesion and contribute to tensions within the country.

This has been visible in recent weeks in the service delivery protests which flared up around the country, particularly in Gauteng.

READ ALSO: Ace Magashule says South Africa still needs former president Jacob Zuma

While Ramaphosa is popular with the business community and has vowed to introduce reforms to stimulate the economy, he faces significant resistance from within his own party and the tripartite alliance, Briefly.co.za.

ANC figures are likely to push back at his attempts to root out corruption, while organisations like Cosatu have already opposed his reforms at Eskom, for example. 

All this suggests that while Ramaphosa is expected to win the election, his battles are far from over.

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Source: Briefly.co.za

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