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Media Advisory 2016

File: The Future of South African Economy from the mirror of 2016

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The Future of South African Economy from the mirror of 2016

A Review of Economic Development in 2016

2016 was a challenging year for economic development globally and domestically but significant progress was also registered in South Africa. The economy avoided going into a recession in part through the collective action of business, labour and communities working with government, though growth remained very modest.

It was a year when all rating agencies were focusing on South Africa, with prospects of a downgrade that would have increased the cost of borrowing. By year-end, the country maintained its investment-grade rating.

The Economic Development Department played a major role in ensuring a co-ordinated infrastructure investment programme and in expanding the levels of development finance in the economy, rallying stakeholders around certain policy and programmes that will have major impact on our economy, as well as ensuring that government respond in an informed and more aligned manner across the three spheres to the challenges of the economy.

A mid-term review of the New Growth Path jobs drivers was completed for Parliament’s Portfolio Committee on Economic Development, which indicated that more than 2 million new jobs had been created in the period since the adoption of the NGP in 2010.

Key highlights in the work of the Ministry included the innovative and extensive public interest conditions attached to a number of mergers including AB InBev’s takeover of SAB Miller, Coca-Cola and Edcon; the actions in the steel industry including the tough competition settlement with Arcelor Mittal and the reparation agreement with the seven largest construction companies; the expansion of investment by the Industrial Development Corporation and the agreement to co-invest in a new auto plant in Nelson Mandela Bay; and the increased investment in the National Infrastructure Plan, projected at R987 billion over the next three years.

Economic transformation was a key theme in 2016 and we made significant strides in opening the economy to new black-owned companies and expanding levels of youth entrepreneurship.

The Ministry of Economic Development is responsible for the work of the Economic Development Department (EDD), the International Trade Administration Commission (ITAC), the Competition Commission, the Competition Tribunal and the work of the Secretariat and Technical Unit of the Presidential infrastructure Coordinating Commission (PICC). Highlights of the work of the Ministry and its agencies are reported below.

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Scam Alert
All Service Providers and Businesses

The Economic Development Department wishes to advise members of the public, particularly those in business, to be alert to a scam utilizing the logo of the Economic Development Department. The fraudsters involved send unsuspecting business operators a Request for Quotations for the provision of Solar Panels.

As the Economic Development Department, we wish to state that we do not have such a project, and therefore beware that the Request for Quotation is not from the Economic Development Department.

Please confirm any request you receive with our Supply Chain Management division on these details 012 394 3579. Report these fraudulent activities to the SAPS or call the Anti Corruption hotline 0800 701 701 or SMS to 39772 or send an email to fraud@economic.gov.za.


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