We have hit rock bottom

2017-06-23 06:00

WE have hit rock bottom. Officially, we have sunk into a recession. We have been hit by a double whammy: junk status and a recession.

For years we struggled to keep the limping economy above water but each time we tried it sank deeper into the depths of despair. We have had a recession before but we managed to get out of it and survive. This time it’s likely to be severe — we have been reduced to junk status, our economy is stagnant and unemployment stands at 7 million, an all-time high.

Who would want to invest and lend money to an unproductive nation that has sunk into the morass of despair?

It will be a long, hard slog to recovery.

But new Finance Minister Malusi Gigaba is not overly concerned. He feels he is the right man to pull the country out of recession.

He thinks rescuing a nation from the clutches of recession is child’s play, even one that is so badly diseased and plagued by a voracious army of greedy, corrupt and incompetent politicians and public servants.

But even if Gigaba is sincere and competent enough to guide us out of this recession, he has to contend with a leader and a party that regard the economic problems a mere side show to the main show dominating the political arena: Zuma’s court battles and the ANC’s election campaign. They come first, not the country.

The NEC has already laid down its marker. Its MPs will follow meekly.

If Gigaba can bat out this fierce onslaught on the economy, it would be a feather in his cap.

T. MARKANDAN

Silverglen

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
Watch: Investing in the future through child development

An investment of R32-million into 11 early childhood development centres is changing the future for children in the Northern Cape.

Partner Content
What all investors should know about index investing

Index-linked investments are growing fast in popularity globally, and are growing in size and complexity too.

/News
 

Buying a puppy? Don’t get scammed!

Hundreds of complaints are filed every year from victims who were scammed when buying a dog online.

 
 

Paws

WATCH: These funny animal videos will make you LOL!
11 animals before and after they were adopted from shelters
Competition pet grooming – creative or too extreme?
5 Celebrities who are afraid of animals
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.