Springbok victory ‘a lesson for SA economy’
North West University business school economist Professor Raymond Parsons has urged government to approach the current economic crisis with the same vigour and discipline as the Springboks at the Rugby World Cup.
This comes after Moody's Investor Services changed the country’s credit rating to negative from stable and affirmed the Baa3 long-term foreign-currency and local-currency issuer ratings.
The agency stopped short of downgrading the country to junk status.
Parsons says the decision by Moody’s is a warning of what’s to come if the economic shortcomings are not dealt with aptly.
“We’ve got to take a leaf out of our rugby victory when we tackle these issues, whether as government or individuals or business or as labour. We need cohesion, discipline, excellence and delivery. I think if we can enter the next few months with that mindset then we’ll be able to tackle these problems in a way that will lift the national mood,” says Parsons.
ALSO READ:
Steenhuisen dubbs Ndlozi 'the grinch who stole Christmas'
The 32 - 12 win against England has been hailed as a nation building exercise. The comments caused widespread anger, with many accusing Ndlozi of seeking to divide the country. "I think what gives the parties like the EFF and people like Mr Ndlozi chest pains is when they see South Africans of all cultures, all races celebrating something together because the EFF speaks to the haters," says Steenhuisen.
He adds that this week’s investment conference will play an important role as to whether or not the country is able to recover.
“As far as the investment conference is concerned, what we want now, remember there was one a year ago where certain commitments were made by the private sector and as well as by government. Now I think firstly there needs to be accountability what has been achieved or not achieved in the last twelve months.
“It should not become a talk shop, it should be a conference or summit which says we are coming out of this conference on Thursday with a set of implementable solutions,” he says.
Parsons says while Finance Minister Tito Mboweni’s mini budget last week was important, Moody’s will keep a firm eye on the main budget speech in February.