Cyril Ramaphosa is braving one of the busiest weeks of his tenure as the current president of South Africa. Presently in China, where he and different African leaders are attending the China-Africa summit, Ramaphosa took the time to guarantee South Africans to not fear in regards to the technical recession.
While the rest of the nation, professional economists and the general public alike, is in a state of panic, Ramaphosa has remained calm and confident in regards to the nation’s short-term outlook.
He’s very confident that his financial plans are resilient sufficient to fix this financial storm. He believes that he’ll lead South Africa out of its first recession in virtually a decade.
On his go to to see e-commerce billionaire, Jack Ma, within the Chinese language metropolis of Hangzhou, Ramaphosa spoke to journalists about South Africa’s present financial state.
He teased that the announcement of the stimulus package deal can be important in fixing the nation’s financial woes.
“It’s disappointing that our GDP has shown a negative growth trend… but I don’t think we should be disheartened because it was largely driven by agriculture. At the agricultural level, we had late rains, late harvest and I am sure that agriculture will bounce up and show growth in the next quarter, so all is not lost,” He calmly said.
Ramaphosa insisted that the announcement of the stimulus package deal would elevate the temper within the nation as it could enhance funding prospects and shine a lightweight on GDP progress.
“I don’t believe that a full recession will take hold in South Africa. Our economy is facing its own challenges that we have to respond to [and] government is going to be responding to the challenges that we’re facing. We’re finalising a stimulus package that we’ll be announcing to inject impetus and growth into our economy at a number of levels,” he added.
Though many would imagine that the announcement of a technical recession hampered his funding drive in China, he was adamant that his go to was a terrific success.
His plans to draw at the least R1.3tn in investments to South Africa over the subsequent 5 years have been nonetheless on monitor and he believes that the connection between Beijing and Pretoria have entered its golden period.