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SA needs a new direction to avert ruin, Bloomberg tells the world

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President Jacob Zuma during his closing speech. (Gianluigi Guercia, AFP)
President Jacob Zuma during his closing speech. (Gianluigi Guercia, AFP)

Bloomberg Editorial:

The International Monetary Fund just pointed out that “South Africa’s vulnerabilities have become more pronounced.” That’s one way of putting it. A potentially prosperous and dynamic economy is on the fast track to ruin. Altering its course will take real political reform.

Unemployment has risen five percentage points since 2008, to a hope-crushing 28%. The country’s population is expanding faster than its economy, which lately has grown at less than half the rate of sub-Saharan Africa as a whole. And its inequality is among the highest in the world.

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