Ricochet News

Maimane to discuss flat lining economy with Zuma

Maimane to discuss flat lining economy with Zuma

Democratic Alliance (DA) leader, Mmusi Maimane, has submitted a request to meet with President Jacob Zuma over the country’s declining economy.

Speaking in a statement, Maimane said the threat of a full-scale recession can no longer be ignored as a further decline in the third quarter, would result in the economy collapsing.

“While the impact of global economic conditions on the domestic economy cannot be dismissed, South Africa is clearly underperforming relative to its peers,” Maimane said.

“Over the past five years, the economy has grown at less than 2% per annum while GDP growth figures for the second quarter of 2015 showed a contraction of 1.3%. Unemployment remains well above 30% [while] key sectors, such as mining, manufacturing and tourism, are shedding jobs with no sign of recovery in sight”.

He also added that documents from government’s recent general council showed that the ruling African National Congress had expressed concern over the lack of economic growth, and that “urgent action needs to be taken”.

“Rising unemployment, especially among young people, is a significant threat to our democracy. It is in the best interest of South Africa that we work together to address this crisis and the impact it is having on the ability of South Africans to support themselves and their loved ones,” Maimane said.