Attorney Michael de Broglio on: South Africa, Law, Politics, Attorneys, Sport, Photography, Technology, Gadgets, Media, Crime, Road Accidents Fund,
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The International Monetary Fund, otherwise known as the IMF, has reduced its forecast for South Africa’s economy. In fact, they initially said that in 2018 South Africa will grow about 1,5% and now they have cut that to 0,8% and for 2019 the projection was 1,7% and they have cut that to 1,4%. Of course, some growth is better than going backwards, but we need an economic growth rate far higher than that for South Africa to succeed and in particular to pull more people out of poverty and unemployment.
America has been running at above 2% for about 8 or 9 years now with dramatic improvement starting during the Obama years and now continuing and obviously South Africa faces much more challenges with unemployment. The IMF estimates a global growth to be 3,7%, so that is way above what they are estimating for South Africa and said that some of their concerns relate to the uncertainty of the 2019 election. I am not sure what uncertainty there is? I can only imagine the ANC will win again and perhaps see their percentage go down again, but I still believe they will win – I really cannot see the EFF beating them and the DA certainly cannot.
Posted by Michael de Broglio on Monday 15-Oct-18
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Liz said:
on Wednesday 14-Nov-18 05:14 PM
I agree that there is no real uncertainty as the ANC will certainly prove victorious once again. There are many things causing investor uncertainty at this point with no real chance of this clearing up any time soon.
Joyce said:
on Tuesday 13-Nov-18 11:21 AM
let's hope for the better economy growth in future
Tamaryn said:
on Monday 05-Nov-18 04:56 PM
With the SARS and State Capture enquiries and all that is being exposed as a result, it is not difficult to see that any projected growth will be stunted. VAT increased to 15% affecting mostly the poor, the unemployment rate continues to grow and international investors are becoming increasingly uncertain of the state of the county and its economy. Tito Mboweni has been a great choice for Finance Minister, but we've got a long way to go and unfortunately, Eskom, SARS, the Guptas and Zuma's reign, to name a few, have done a lot of damage.
Lucretia said:
on Monday 05-Nov-18 10:14 AM
Can we not have Obama come over here and help us out - it would still be politically correct :-) I worry about the unemployment rate all the time because in the year I have been travelling a certain route to work I have seen the growth in street people along that route. We have to make some drastic changes to get us out the hole we are in. I honestly feel sorry for our children's children when I look at the way things are deteriorating. Someone needs to kick start the growth again, and if the ANC have not done so in 24 years, move over and give others a chance. Please South Africa, we need to stand together...……..
Thabitha said:
on Friday 02-Nov-18 08:01 AM
Mr Ramaposa is bringing hope I will say better ANC than EFF but lets wait and see, what we need now is seeing job creation and economy growth.
Sinead said:
on Wednesday 31-Oct-18 04:01 PM
Whether the ANC wins again or not, we need to have more faith in our country and the financial ministers... It is a bit difficult given the past the country has endured, but we need to stay positive...
If there are no changes, we can't expect different results. Good luck to Mboweni !
Ashleigh said:
on Monday 29-Oct-18 08:46 AM
We can only keep trying. If we give up, then there will never be a chance of a change. If we don' try then automatically its assumed that we are happy with what we currently have. Just keep trying.
Jadine Richards said:
on Wednesday 24-Oct-18 09:18 AM
Agree with you fully there. Although I hold out hope for a different election result its pretty certain that the ANC will win again.
Natasha said:
on Tuesday 23-Oct-18 08:25 AM
It is ridiculous i wonder if South Africa's growth economic will ever go up if it carries on like this a lot of South Africans will definitely start immigrating.It is so scary.But I agree i think ANC will win the election again.They are promising all of these amazing things,but it never happens and still they keep on voting. ANC winning the election again the economic's will definitely drop even more than it has dropped already. I don't really see that South Africa's economic will go up soon,and everything will just become more expensive .South Africans won't be able to afford anything.
Helen said:
on Monday 22-Oct-18 07:23 AM
I do believe that we all should be positive and believe that the changes, which are happening in South Africa, can only be for better. I am fully agree that some growth is better than going backwards. Hopefully new Minister of Finance will implement some changes for high economy growth!
Michelle D said:
on Thursday 18-Oct-18 12:57 PM
South Africa is dealing with a lot of issues at the moment and the fact that governments focus is being placed on corruption and seeking foreign debt relief results in insufficient focus on job creation within the country. The fact that government is currently concentrated on those issues is not necessarily a bad thing though, in order for a country to work, the system must work and job creation and economic growth will be much easier to achieve when we have a solid incorruptible foundation.
Daniella said:
on Thursday 18-Oct-18 10:20 AM
I really hope that Tito Mboweni brings a good change! However with petrol increases happening every month its a bit difficult to look at the positives.
Megan said:
on Wednesday 17-Oct-18 04:47 PM
The amount of replacements made in Parliament is scary sometimes and the amount of times we say "hopefully this person will do a better job" too. Lets just hold thumbs for this round.
Prishani said:
on Wednesday 17-Oct-18 10:03 AM
I wonder if the people who sit in parliament and hold influential positions actually take note of these stats and if they really do pay attention to it. The sad truth is that they may very well not care. I agree that the one positive is that we are at least moving forward.
Jadine Estrehuizen said:
on Wednesday 17-Oct-18 09:58 AM
Somehow I have all the faith that Tito Mboweni can bring SA out of their misery.
Alexis said:
on Wednesday 17-Oct-18 07:30 AM
I see the ANC winning again as you say, suppose one day it will not be so....As stated by many below, hopefully our new Minister of Finance does something to assist this country and what we are all going through
Mathilda Du Preez said:
on Tuesday 16-Oct-18 08:55 AM
The ANC will win again because most people are blinded by the sweet talk and all the promises that will be made once again.(Hopefully with some miracle they won’t win)
Yet again we have a new Minister of Finance Tito Mboweni and everyone is praising him that he will definitely improve our financially crisis ....This was also said about all the previous Finance Ministers, just saying.
But yes! Positive thinking right?
Melissa van Tellingen said:
on Tuesday 16-Oct-18 07:50 AM
If things continue the way they are going at the moment with petrol prices increasing every second week and the corruption continuing between politicians I don't see a bright future for South Africa. It will turn out exactly like Zimbabwe where the citizens don't even have petrol in the entire country as a result of bad leadership. I'm truly hoping that someone can pull South- African back to the wat it use to be. We live in a beautiful country with the best weather but we can't see all the beautiful things when seeing all the negative.
courtney said:
on Monday 15-Oct-18 04:49 PM
The worst thing ever to happen to SA is putting the EFF in charge, after that there wont be any hope anymore. Let us all just hope this doesn't ever happen.
patrick said:
on Monday 15-Oct-18 03:13 PM
We can only stimulate the economy if we create jobs. The era of mine economy is diminishing by the minute.
Fikile said:
on Monday 15-Oct-18 10:19 AM
I don't see anything changing because all of our politicians love money and are greedy. But we do have hope that Mboweni can bring something different to the table.
brumilde said:
on Monday 15-Oct-18 08:01 AM
And I am sure that as the daily news continues to shine on our politicians and their wonderful events that the number will drop more. ANC will win, they give away the best t-shirts and hats. What more does one need ...
Michelle said:
on Monday 15-Oct-18 07:20 AM
I fully agree with Bianca's comment. And I do believe that the ANC will definitely win again, without a doubt. But we must still not lose hope in South Africa.
Victoria said:
on Friday 12-Oct-18 04:49 PM
A change needs to happen to insure that South Africa's economy can grow.
Jessica A said:
on Friday 12-Oct-18 04:19 PM
Hopefully Tito Mboweni can improve the rather grim outlook, the rand did strengthen against the Dollar by 40c when the announcement was made. 'Global growth will slow to 3.6% by 2022-2023, it said'
Nikita said:
on Friday 12-Oct-18 03:14 PM
The worst thing that could ever happen to this country is to have the EFF in full power. If that were to happen there would be a civil war and we would turn out exactly like Zimbabwe. As it is the farmers are fearing for their lives getting attacked on a daily basis. I am not sure where the food would be expected to come from? If only we could weed out the bad apples in the ANC - go back to the original views and purpose of the party. Building the nation together. Stop corruption.
Bianca N said:
on Friday 12-Oct-18 08:30 AM
Maybe our new minister of finance can help pull South Africa out of this slump, although I don't expect it to be over night but at this stage, any little bit of progress would help
david said:
on Friday 12-Oct-18 07:44 AM
i dee tito mboweni is the new minister of finance.
a well respected man, and by all sides.
let's see what he can pull out of his hat.
Johannesburg based attorney specializing in personal injury matters including Road Accident Fund claims and medical negligence matters. My interests include golf, reading and the internet and the way it is constantly developing. I have a passion for life and a desire for less stress!
