Government commits to 5% economic growth by 2019

Electricity shortages are currently costing the economy close to 1% in economic growth, but government has committed itself to turning this around, according to president Jacob Zuma,

Addressing media in Pretoria on progress made by government in implementing the first year of the Medium Term Strategic Framework (MTSF) earlier this week, Zuma acknowledged that the current electricity situation was a major obstacle to the country’s economic growth.

“The 1.5% economic growth rate attained in 2014 is fair a distance from the National Development Plan (NDP) ambition,” Zuma said, adding that the country’s economic growth was expected to increase steadily to at least 3% over the next three years, “The South African economy, as with many economies in the world, continues to struggle to fully regain its pre-financial crisis growth momentum.

“We have committed ourselves to a 5% growth rate by 2019,” said Zuma, according to a statement by the Presidency.