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The ANC plans to revive the economy

by , 26 May 2014

Despite the African National Congress (ANC) clinching the vote after South Africa's fifth general election, they did so by the smallest margin in 20 years. Over the weekend, the ANC says it plans to revive the ailing South African economy. Let's take a closer look at how the ANC plans to do that…

The ANC sees its support fall

The latest general election highlighted that the ANC is losing its hold on voters, says IOL. After hitting a peak of “69.7% in 2004,” last week’s elections show it now stands at 62.2%.

With another election in the bag, analysts believe the ANC will “stick to its policies to boost employment and economic growth,” reports Bloomberg. Mokgatla Madisha of Argon Asset Management says “investors would like to see that as well”.

The secretary general of the ANC, Gwede Mantashe, said the rand’s performance showed the market liked the election results, says Fin24. He said when the “results were being announced and the elections were completed the rand strengthened”.

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The ANC will bring in the National Development Plan

On Saturday, President Jacob Zuma said that the victory in the election will allow the “government to implement the National Development Plan,” notes IOL. The “economic blueprint” plans to speed growth up to “5.4% a year in order to cut the jobless rate to 14% by 2020”.

Zuma says that this includes the government delivering “electricity, water, roads [and] schools in all urban and rural areas,” notes Bloomberg. While trying to keep debt and inflation in check, the government “plans to spend more than R1 trillion on improving roads, railways and ports”.

But some analysts think that SA “needs much more foreign investment to boost the economy and tackle unemployment,” notes iAfrica. SA has performed poorly in terms of growth. Forecasts put growth this year at 2.7%.

Time will tell if the ANC’s plans tackle slow economic growth and the major issues facing SA.

The ANC plans to revive the economy
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