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B4SA calls for swift economic reforms in South Africa
From this morning, South Africa entered into softer lock-down regulations. Under level 2 regulations, almost all economic activity has been allowed to resume. The previous lock-down levels have been extremely challenging, and Business for South Africa is calling for swift reforms to accelerate inclusive growth. Joining CNBC Africa for more is Martin Kingston, Steering Committee Co-Chairperson for Business for SA.
Tue, 18 Aug 2020 15:47:14 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- B4SA emphasizes the need for urgent economic reforms to revive the South African economy post-lockdown.
- Martin Kingston outlines key reform measures that can be implemented promptly to support economic recovery.
- Addressing corruption and vested interests is crucial to restoring efficiency and fostering sustainable growth in the economy.
Business for South Africa (B4SA) is calling for urgent and decisive economic reforms to accelerate South Africa's recovery post-lockdown. As the country transitions from level three to level two lockdown restrictions, B4SA emphasizes the need for swift action to jumpstart the economy and drive inclusive growth. Martin Kingston, the Steering Committee Co-Chairperson for Business for SA, highlighted the significant impact of the pandemic on the economy, with an estimated two million jobs lost and a projected 10% contraction in GDP this year. In a recent interview with CNBC Africa, Kingston outlined key reforms that can be implemented immediately to support economic revival without the need for extensive consultation or regulatory changes. These reforms include streamlining red tape for small and medium-sized enterprises, ensuring prompt payments to suppliers, expediting spectrum auctions for digital migration, reforming the visa system, and expanding renewable energy projects. Kingston emphasized that political will and courage are essential to drive these reforms effectively and restore consumer and investor confidence. He also underscored the importance of addressing corruption and vested interests that hinder efficient functioning of the economy. B4SA's advocacy for swift economic reforms aligns with the goal of reinvigorating South Africa's economy and fostering a conducive environment for sustainable growth and development.
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