CityPress - - Business -

“Rather than tak­ing steps to boost the econ­omy, Pres­i­dent [ Ja­cob] Zuma re­cently fired the widely re­spected fi­nance min­is­ter Pravin Gord­han, and has be­gun to prom­ise rad­i­cal eco­nomic trans­for­ma­tion, in­clud­ing land dis­tri­bu­tion, that wor­ry­ingly echoes the past ex­pe­ri­ence of Zim­babwe,” the FSI said.

“Ex­ac­er­bat­ing the eco­nomic trou­bles are the per­va­sive ra­cial di­vides within South Africa, wherein stark eco­nomic dis­par­i­ties per­sist be­tween the white and black pop­u­la­tions, as the wealth and op­por­tu­nity gap of un­even eco­nomic de­vel­op­ment has widened for many of South Africa’s poor­est,” the FSI added. “Ra­cial scape­goat­ing has also served as a means for blam­ing the econ­omy’s ills on “rich white cap­i­tal­ists” rather than on govern­men­tal mis­man­age­ment of the econ­omy or fail­ure to pro­vide ba­sic ser­vices,” the FSI said.

“As the coun­try’s econ­omy stag­nates, inequal­ity grows, and politi­cians con­tinue to bicker and scape­goat rather than ad­dress the coun­try’s un­der­ly­ing prob­lems, the prog­no­sis for South Africa will re­main worrisome.”

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