JOHANNESBURG - National Treasury and the Reserve Bank have failed to grow the economy and create jobs.
These are the views of economist Duma Gqubule just a day before Finance Minister Enoch Godongwana prepares to deliver the mid-term budget policy statement.
Gqubule says the country is in a deep economic crisis.
" South Africans must remember that the objective of macroeconomic policy is to, fiscal and monetary policy is to grow the economy and create jobs. We have failed dismally at this,” he said.
According to Gqubule, the country has grown over the past 17 years by 1.1% a year.
This period, he says, includes the global financial crisis and the COVID pandemic.
Meanwhile, 154 emerging and developing countries grew by about 4.2%, he added.
“In South Africa, the situation is that Treasury does not give a toss about unemployment. The Central Bank does not give a toss about unemployment. Nobody is responsible for growing the economy and creating jobs."