President Jacob Zuma was speaking during the ANC 105 birthday celebration at Orlando Stadium when he reportedly predicted a 2.9% economic growth forecast in 2017.
Mr President was quoted to have said:
“The ANC is optimistic that the 2017 growth forecast of 2.9 percent will be achieved. The ANC expects to see an increase in production and growth in job creation.”
Zuma’s 2.9% economic growth forecast agitated economists who rebuked and cautioned him to stop deceiving the nation.
For instance, the Chief economist at Econometrix – Dr. Azar Jammine – commented that the figure is somewhere between 1-2%.
“2.9% is really over the top of most people’s forecast,” added Dr. Jammine.
Now, the Presidency has reacted to the
Stating that it has received a number of inquiries about the reference to an economic growth rate of 2.9 percent in the January 8 anniversary statement of the ANC the Presidency said:
“The 2.9 percent mentioned in the statement is the growth rate for Sub- Saharan Africa.
Growth in Sub-Saharan Africa is estimated to have slowed to 1.4 percent in 2016 from 3.4 per cent in 2015. For 2017 growth in the region is more optimistically projected to rise to 2.9 per cent.
In the Medium Term Budget Policy Statement, or mini-Budget issued in October last year, the South African government indicated that South Africa is expected to grow at 0.5 per cent in 2016, rising to 1.3 per cent in 2017.
This remains government’s official forecast. Government will provide further updates on the growth estimates during the 2017 Budget presentation in February.”
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Meanwhile, Deputy President Cyril Ramaphosa, on behalf of President Jacob Zuma, has led a high-level government, business and labour delegation to the 2017 World Economic Forum Annual meeting in Davos, Switzerland.