On the 14th of April 2021, the Inclusive Society Institute (ISI) hosted a panel discussion on the re-invigoration of South Africa’s economy. The discussion forms part of the institute’s broader economic research into new pathways for economic growth in South Africa. The research seeks to both identify areas where the local economy is out of sync with the globally accepted economic architecture for middle-income developing nations, and to ‘think outside of the box’ in an attempt to develop new solutions capable of placing South Africa onto a higher GDP growth trajectory.
The key speakers at the event were Ms Marie Marie-Nelly, Country Director, Africa, the World Bank and Mr Wolfgang Fengler, its Lead Economist for Southern Africa. They were joined by Dr Arthur Minsat, Head of the Unit for Africa and Middle East, Organisation for Economic Cooperation and Development (OECD).
The panel comprised Theo Vorster, an economist and CEO of Galileo Capital (the institutes economic research group convenor); Prof Tania Ajam, who is associated with the School of Public Leadership at the University of Stellenbosch (SPL) and a member of the President’s Economic Advisory Council; Prof Zweli Ndevu, the Head of SPL and Deputy Chairperson of the ISI; and Ms Joan Fubbs, a director of the Centre for the Education in Economics and Finance (CEEF).
The themes discussed included:
What do the multilateral funding institutions consider the most appropriate economic structure, policies and environmental conditions needed in middle-income emerging economies and why?
In terms of the aforementioned architecture, from a World Bank perspective, where is South Africa performing well, and where is it falling short? What are the corrective measures that need to be taken to reverse the current depressed economic conditions in South Africa?
In terms of the aforementioned architecture, from an OECD perspective, where is South Africa performing well, and where is it falling short? What are the corrective measures that need to be taken to reverse the current depressed economic conditions in South Africa?