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EFF: EFF on the recession

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EFF: EFF on the recession

6th June 2017

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The EFF notes the 2017 first quarter gross domestic product figures released by Stats SA today. The report shows that the real gross domestic product decreased by 0.7% in the first quarter of 2017, following a decrease of 0.3% in the fourth quarter of 2016, leading to the a recession.

While the largest negative contributor to growth in GDP in the first quarter was trade, catering and accommodation industry, manufacturing sector in South Africa continues to shrink.

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The recession that the South African economy finds itself in is due to the ANC’s collective and individual incapability to provide sound leadership. For the last few years, South Africa’s economy continues to deteriorate and it is now evident that the government has neither the ideological or policy response to this depressing state of affairs. Instead of fostering, enhancing and harnessing economic growth, the ANC is busy developing mechanisms on how to loot people’s tax money from the fiscus.

The people of South Africa must be very worried on the direction of our country because the ANC will degenerate the economy further and this will mean reduced quality of life to already compromised standard of living for majority of people, in particular black and poor South Africans.

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What is evident is that under Zuma's administration, South Africa has been auctioned to a foreign family led criminal syndicate which has siphoned off billions of Rands from South Africa's fiscus. Under Zuma's administration, South Africa has been relegated into sub investment (junk) status and now facing recession.

What recession means is that the economy is shrinking, and the base from which the State could collect taxes in order to finance education, healthcare, social grants, infrastructure and many other basic socio-economic needs is getting smaller. All of this is due to incapable and directionless political leadership, which only focuses on self enrichment, lies and theft of public funds.

The people of South Africa must realize that we should soon rescue our country from a mafia and criminal syndicate that will steal everything and destroy our current and future prospects of a stable society.

 

Issued by EFF

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