Financial Mail: Which party deserves your vote? It really is about the economy

The key question facing voters in the May 8 election is which party has the best policies to rescue the economy. Unfortunately, the options are uninspiring: the EFF’s fantasies spell ruin; the ZACP’s bold notions ignore reality; the DA has the best ideas but they’re fuzzy; and the ANC wants to implement the same old policies with more zeal


The economic policy thrust of the three main parties (the ANC, DA and EFF) differs fundamentally, but like the disruptive new player — the Capitalist Party of SA (ZACP), whose logo is a purple cow — all promise more jobs, faster growth and a better life for all.

The big question is whether any party’s economic policy manifesto contains what is needed to get SA out of its low-growth trap and achieve sustainable, rapid growth.

SA has woefully underperformed over the past decade compared with most other upper middle-income countries, having grown by only 1.7% on average annually. In 2002, per capita income was just 5% below the average of its peer group of countries, but by 2013 it had slipped to almost 20% below the average.

SA has also regressed when measured against the goals of the National Development Plan (NDP). The NDP’s growth target of 5% a year, set in 2012, would have resulted in the creation of 500,000 jobs a year.

However, employment has grown at only 30%-40% of the targets. Poverty and inequality remain dire, and rapid deindustrialisation has set in.

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by Financial Mail –

Claire Bisseker