Nigeria No. 1 in Africa: DA would work to get SA back on top
The ANC government's failure to achieve South Africa's growth potential over the past two decades has now led to our economy being overtaken as the largest economy in Africa. The DA has a plan to accelerate economic growth. We will work to get our country back on top.
On Sunday, Nigeria rebased their Gross Domestic Product to become Africa's largest economy, almost 60% larger than South Africa. This technical change means that South Africa loses the label of "largest economy in Africa" and the prominence of that position in the minds of investors.
Importantly, Nigeria's economic growth rate of 6.4% significantly outstrips our growth rate - we registered only 1,9% last year - so unless we dramatically turn around our economic growth we will continue to drop further behind Nigeria and risk being overtaken by other countries in Africa.
We believe that South Africa has the potential to do much better - with decisive leadership, the right policy mix and a government committed to job creating inclusive economic growth, we can again challenge Nigeria for the number one spot.
The DA would implement a five point plan to achieve our economic growth potential and get South Africa back on top:
- Provide political leadership and restore investor certainty by speaking with one voice on the economy and implementing one plan;
- Boost trade with the rest of Africa through trade-focused diplomacy and cutting the costs of trading across borders;
- Make it easier for South Africans to start and grow their own businesses by cutting red tape and providing more support for entrepreneurs;
- Invest 10% of GDP in infrastructure to reduce the cost of doing business; and
- Break up inefficient state monopolies and distribute shares to ordinary South Africans to increase competition.
The DA's top priorities remain growing the economy and creating jobs. Where elected we will implement policies that will make our better future a reality.
Statement issued by Tim Harris, DA Shadow Minister of Finance, April 7 2014
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