Pretoria - South Africa’s economic growth is expected to increase steadily to at least 3% over the next three years, says President Jacob Zuma, adding that government expects the current electricity constraint to ease.
Speaking to media in Pretoria on Tuesday on progress made by government in implementing the first year of the Medium Term Strategic Framework (MTSF) since his State of the Nation Address (SONA) in February, the President said the current electricity situation was a major obstacle to the country’s economic growth.
“The South African economy, as with many economies in the world, continues to struggle to fully regain its pre- financial crisis growth momentum.
“We committed ourselves to a 5% growth rate by 2019. The 1.5% economic growth rate attained in 2014, is a distance from that National Development Plan (NDP) ambition,” he said.
Government estimates that electricity shortages are currently costing the economy close to 1% in economic growth, he said. – SAnews.gov.za
