The Citizen reports that South Africans now earn on average what they earned in 2006, taking inflation into account, because SA’s economic growth has been trending lower since 2013.

The country’s economy only grew by 0.6% in 2023 according to GDP data. CEO of Business Leadership SA, Busi Mavuso, pointed out in her weekly newsletter that although the economy at least grew marginally, the GDP per capita outcome was in fact negative due to the fact that population growth outpaced GDP. According to Mavuso, this was a self-induced growth crisis that came down to a failure of state-provided infrastructure and services. “Inadequate electricity supply and logistical constraints were the key obstacles to growth. While load shedding eased in the fourth quarter when the economy grew by 0.1%, logistical challenges were a major constraint on economic activity with port delays damaging exports and import volumes,” she pointed out. Mavuso also noted that investment declined in the fourth quarter, with residential building, transport equipment and construction leading the negative trend. “Partnership between business and government is essential for us to achieve what we want for South Africa. I want the poor economic performance of the last decade to be consigned to the history books and I know many in government want the same. Let us act with urgency to make it happen,” she exhorted.

• Read the full original of the report in the above regard by Ina Opperman at The Citizen

Get other news reports at the SA Labour News home page