ECO­NOMIC WOES

Finweek English Edition - - IN BRIEF -

For­get about his fi­nance min­is­ter reshuf­fles, Nkandla, his cosy re­la­tion­ship with the Gup­tas, or those 783 fraud, cor­rup­tion and rack­e­teer­ing charges that will seem­ingly never make it to court. Pres­i­dent Ja­cob Zuma’s real scan­dal is the econ­omy. Since 2009, when he came to power, growth has av­er­aged less than 2%. Un­em­ploy­ment reached 27.1% in the third quar­ter, the high­est in 13 years. At the time of writ­ing, the rand was more than 60% weaker than five years ago. Yes, global fac­tors play a role, but Zuma has failed dis­mally to pro­vide the lead­er­ship re­quired to build con­fi­dence and im­ple­ment much-needed struc­tural re­forms. He has also done very lit­tle to sup­port those in gov­ern­ment who aim to do so.

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