Wednesday, June 15, 2016

How The Poor Got Poorer Under Jacob Zuma

Last week, it was reported that South Africa’s economy shrank by 1.2% quarter-on-quarter, according to the latest gross domestic product figures from Stats SA. Read that again: Shrank. It did not slow down. It is going backwards.
*Jacob Zuma
Then there is unemployment. Our jobless rate was 26.7% in the first quarter, the highest in at least eight years. Eight years? That’s how long Obama has been in power in the US. That’s how long President Jacob Zuma has been in power in South Africa.

You might think that this unemployment figure is terrible. It’s far worse than you think because it does not include “discouraged” job-seekers (those who have given up looking). If you include them, then the unemployment rate soars to 36.3%.

 In total, there are 8.9million unemployed people in South Africa.
In February the World Bank said South Africa needs annual economic growth of 7.2% from 2018 to achieve the government’s target of reducing the jobless rate to 6% by 2030. It is 2016 and our economy has contracted by 1.2% in the first quarter.

In 2008, when Zuma and his supporters got President Thabo Mbeki fired, and he promised to do better, it was growing at a respectable 3.6%.

Zuma has been a disgrace to the great movement that was once the ANC. His actions over the past 10 years have turned all South Africans into a laughing stock across the globe. He is a shame to himself and his glorious movement.

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