Gayton McKenzie accused of not understanding fashion industry after his meeting with Shein
Fashion designer David Tlale said he doesn’t think Gayton McKenzie understands the complexities of the clothing and textile industry.
“The pace of change is too slow, business has become disconsolate, and the economy is just muddling through,” said the Stellenbosch-based research group.
The economy has grown by less than 1% on average annually for more than a decade and is forecast to expand by under 2% this year and next.
Risks to the outlook include US President Donald Trump’s trade tariffs and concerns about whether the country’s coalition government — formed by the African National Congress after it lost its outright majority in elections last year — can function effectively, the BER said.
The governing alliance has faced several pressure points, including over cabinet posts, graft, economic and foreign policy.
Still, BER argues “a stronger reform push, coupled with greater political and policy certainty, and improved fiscal and monetary policy co-ordination, could unlock a virtuous cycle of investment, business confidence and growth.”
Africa’s largest economy could expand by more than 2% and jump to 3% growth within five years, according to BER forecasts based on a scenario where structural reforms in energy, logistics, and water are implemented more swiftly.
“The growth accounting exercise shows that weak investment growth is the reason for weak economic growth,” the BER said. “Reform can restore investment growth but needs to be accelerated.”
Issued on Daily Investor by Bloomberg | https://dailyinvestor.com/south-africa/101359/what-south-africa-must-get-right-for-an-economic-boom/
