Former Statistician-General Pali Lehohla has laid bare the troubling reality of South Africa's economy during the Electoral Commission’s Thought Leadership Seminar held in Centurion on Tuesday.
South Africa's R7 trillion economy should be a R21 trillion economy. This is the view of former Statistician-General Pali Lehohla, who on Tuesday warned that South Africa’s soaring unemployment and poverty levels pose a direct threat to the country’s democratic future.
Dr Lehohla, who has long been an advocate for economic reform, stated that corruption and poor management of the country's economy are responsible for the sad state of affairs. He was speaking to members of the media on the sidelines of the Electoral Commission’s (IEC) Thought Leadership Seminar in Centurion.
"This R7tn economy should be a R21tn economy. Our economic policies have been stupid. That is what has brought us here. There is so much wealth in this country, yet we have constrained it," he stated.
His concerns come on the heels of the National Treasury's announcement of a $1.5 billion loan from the World Bank, intended to support reforms aimed at alleviating infrastructure bottlenecks, enhancing economic growth, and creating jobs. This reliance on foreign loans stands in stark contrast to the early days after the end of apartheid when the country lifted itself using its own resources.
