South Africa’s (SA) President Cyril Ramaphosa says the country’s economic recovery is gathering momentum as it has posted growth for four consecutive quarters.
In his weekly address to the nation, Ramaphosa has also noted a steady reduction in unemployment.
Statistics SA recent data also shows that levels of poverty and inequality have declined considerably.
In his weekly address to the nation, Ramaphosa says the local economy is showing signs of a modest recovery and increased resilience, characterized by Gross Domestic Product growth exceeding expectations, improved consumer sentiment and rising capital investment.
He says confidence in the economy is rising. The stock exchange has been performing well and the average inflation rate is the lowest in two decades.
But he insists while this is encouraging, there is no time to rest.
And for the year ahead, Ramaphosa implored his administration to double down on efforts to grow investment and create jobs.
With the Cabinet holding its annual Lekgotla on Wednesday to outline the actions that will be taken across government, the president said they must work to translate this into long-term gains for the economy.
The Rand advanced 0.6% against the Dollar, trading at its highest level in over three years.
–SABC–
