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Published on : Friday, July 28, 2017
Recently, the South African economy has been majorly hit by increasing unemployment, a broad budget shortage and reduction of credit ratings with technical recession. The situation in SA is struggling to recover and establish socioeconomic and political equilibrium.
At present, the country has an unacceptable political environment, corruption and succession debates. This is creating continual internal focus rather than parties taking a global view in terms of competitiveness and financial growth. As a result, ever since 2008, business and investor confidence are quite lowly placed.
Even though the national policy conference of ANC ended in June, the leadership infighting and the subsequent “introspection” are most likely to carry on considering that the elective conference in December and the 2019 general election is in the offing. In such a situation, the economic forecast and the levels of unemployment, poverty, criminal activity and social unrest is tremendously disturbing as we all would agree that any economic sector needs certain amount of time to improve its growth once basic confidence is reinstated.
Tourism is a “sunrise” sector that can not only provide rapid growth but also can be unaffected by local issues and challenges, provided visitor experience carries on constantly.
Tourism is a lively and major sector with total contribution of R492.2bn amounted to 9.3% of GDP last year.