Malema: Economy going in wrong direction

PRETORIA - The economy is going in the wrong direction.

That's how EFF leader Julius Malema described the current economic situation in the country.

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Malema says state-owned enterprises are a serious problem.

He was speaking at the Black Business Council Summit.

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"All the sectors that are supposed to form the core of industrial policies suffered negative growth," he said.

"Even government suffered a negative growth of 0.4 percent."

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Malema said those responsible for growing the economy is living in a bubble.

"The reality is we can't listen to a minister who says nothing," he said.

South Africa entered into a recession on Tuesday.