Road ahead still tough - Busa

2009-12-10 11:02

The road ahead for the South African economy remains “tough“,

Business Unity SA (Busa) said in Johannesburg on Wednesday.

“Busa believes South Africa has technically ended its recession and

that we see that inflation has dipped into the target band,” deputy chief

executive officer Raymond Parsons said about its outlook for 2010.

“These are positive signs, but they must not detract from the

reality that our economy remains weak.”

Parsons said any economic recovery was likely to be gradual and it

had to be acknowledged that there was still much that needed to be done.

“Our recovery will be a slow one in which the pace of the global

recovery is an essential factor.”

Turning to growth, he said Busa forecast gross domestic product for

next year at 2.2%.

“We also think that the current account deficit will be manageable

and that inflation will fall within the target range.”

He said 2010 would be a year of recovery.

“But no shocks should be administered to the economy and one of

those shocks could be Eskom, if there is a 35 % tariff hike every year for three

years,” Parsons said.

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