Ramaphosa: Focus needs to shift to economic recovery
President Cyril Ramaphosa says South Africa’s focus now needs to shift to the recovery and rebuilding of the country’s economy.
The country's gross domestic product (GDP) shrank by 51% from April to June owing to the impact of the coronavirus lockdown restrictions.
The lockdown was imposed by government in an attempt to limit the spread of Covid-19.
The latest stats were released on Tuesday at the Stats SA headquarters in Pretoria.
In a statement following the GDP release, Ramaphosa said the focus needs to shift to economic recovery.
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“Now is the time to act quickly and boldly to place South Africa on a rapid growth trajectory. We cannot continue with business as usual. We will use this moment of crisis to build a new economy, and unleash South Africa’s true potential.”
He also detailed three important processes which government believes will support economic recovery.
“Social partners will soon present a Social Compact on Economic Recovery to the President, government will finalise its Economic Recovery Strategy and finally, Presidential Employment Stimulus will commence implementation within the next month,” Ramaphosa said.
"This will expand opportunities through public and social employment to counteract job losses.
"The President will make further announcements in this regard in due course and the President calls on all sectors of society to act with unity and purpose to rebuild the economy for the benefit of all South Africans."
