Tito Mboweni's surprising plan to fast-track SA's economic growth

Tito Mboweni's surprising plan to fast-track SA's economic growth

- Among them are improvements to public transport, reduction in red tape and and promotion of tourism

- It includes several plans aimed at boosting growth

- Among them are improvements to public transport, reduction in red tape and and pomotion of tourism

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Finance Minister Tito Mboweni has released a policy document outlining his plan to turn the economy around. 

The document calls for "deliberate and concerted actions" aimed at boosting the GDP growth rate by 3% per annum.

This follows a disappointing year so far for the economy, with Treasury saying the current trajectory is unsustainable.

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In the first quarter of the year, the economy contracted by 3.2%, according to fin24, and unemployment remained high at 29%. The economy's projected growth-rate currently stands at a meagre 0.7%, Briefly.co.za has gathered, which is far below the 5% growth-rate demanded by the National Development Plan.

Mboweni's new plan contains a number of measures aimed at addressing this. In the short term, this includes promoting tourism, improving telecommunications and boosting the agricultural sector through better marketing and exports, the Daily Maverick reports.

In the medium-term, the focus is on improving public transport. In the long-term, the paper focuses on agriculture, which it views as key to growth and job creation.

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Additionally, the document calls for the reduction of red tape and for the promotion of more competition between companies.

If nothing else, the document is a bold statement from a finance minister who continues to face a significant uphill battle. It may be the wake-up call government needs.

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Source: Briefly.co.za

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