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South Africa’s economy has contracted, and economist Dawie Roodt says the problem runs far deeper than one bad quarter.
He breaks down the recession risk, rising debt, weak economic growth and the political promises putting further pressure on South Africa’s finances. Roodt also challenges the idea of dramatically increasing social grants and explains what a basic income grant would mean for taxpayers and the poor.
In this discussion:
00:00 South Africa’s latest growth numbers
01:03 Manufacturing enters recession
01:17 Recession risk grows
02:09 South Africa’s long-term growth problem
02:21 Technical vs economic recession
03:08 Rising debt and falling GDP
03:35 Why economic growth matters
03:43 The real reason behind weak growth
04:15 South Africa’s vulnerability to global crises
04:52 Government policy and economic decline
05:01 Malema’s proposed grant increase
06:34 The case for a basic income grant
07:33 How income redistribution works
08:09 A possible basic income model
08:46 Giving recipients more choice
09:12 The two major economic pressures
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