Economists and commentators are wringing their hands at the poor first quarter performance of the economy: Q4 of 2024 has been revised down to 0.4% growth and only 0.1% growth in Q1 of this year.

This affects everyone who were hoping their businesses will grow. It affects everyone hoping for a promotion, a salary adjustment, or a bonus. It affects the Minister of Finance’s tax revenue and it means that the debt-to-GDP ratio will look worse. That keeps our credit rating weak and interest rates high. Without growth, unemployment will only increase further.

Yet, as I have been arguing, there are different visions for getting out of this low-growth trap. One is to liberalise and deregulate, but even if that is the plan, how do we speed up implementation?

And it is not necessarily the plan. Financial Mail quotes Kenneth Creamer:

“Investments in key sectors such as mining, manufacturing and construction are being discouraged by red tape and dysfunction.”

Yet, he goes on to say:

“Before economic policy proposals are put into the public domain, the government should require that a central unit in the presidency — such as a strengthened policy co-ordination and advisory service — undertake impact assessments to make sure that policy proposals pass the test of being pro-growth and inclusionary.”

It is the stuff of the National Dialogue – if equity is a precondition for investment and development, does it drive growth, or suffocate it? Can we pursue growth first and skew the profit towards redress later?