Ramaphosa emphasises importance of understanding South Africa’s economy

President Cyril Ramaphosa has emphasized the need to understand the country’s economy as it reaches different phases.

Ramaphosa was speaking at the launch of the Oxford Handbook of the South African Economy on Wednesday night.

Written by academics and researchers, among others, the book hoped to guide policy direction and other key economic decisions in the country.

The president touched on the predictions of economists about the future global economy.

He referred to a new global order where there would be a global increase in capital flow, especially in places where it was less available and earned higher returns in the regions where there was capital scarcity.

“In 1970, GDP per head was in South Africa stood at just over half that of the average G7 level at 53%. By the end of the 80s, South Africa’s relative GDP per head had shrunk to a third of the G7 average. By 1994, it was closer to a quarter. It had really come down.”

Foreign policy experts on Tuesday discussed South Africa’s reaction to the Russia/Ukraine crisis.

They cautioned South Africa to prepare for a new financial world order that could leave the country out in the cold if it was not prepared for the move away from the dollar-dominated markets.

-EWN

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