Gordhan Urges the Private Sector to Drive SA's Economic Growth

Cape Times (South Africa), March 3, 2014 | Go to article overview

Gordhan Urges the Private Sector to Drive SA's Economic Growth


BYLINE: Asha Speckman

THE burden of driving economic growth should be taken up by the private sector while the state played a facilitating role, Finance Minister Pravin Gordhan suggested on Friday.

Speaking at an FNB post-Budget breakfast, the minister said that in most economies, the private sector was the dominant sector.

"In South Africa, about 70 percent of gross domestic product (GDP) is (derived from the private sector) and 70 percent of the GDP means mechanically that 70 percent of the growth should come from that area, 70 percent of employment should come from that area and 70 percent of the investment must come from that area as well," he said.

"The question now is... when does the handover happen? When does the private sector come to the party again and that's the debate."

The state is expecting the small and medium enterprise sector to contribute to growth ambitions and for these companies to become exporters.

"If you're worried about the current account balance then one of the things we need to do in South Africa is use our creativity, government support and the support of financial institutions. …

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