Presidential Economic Advisory Council shines light on economic developments

22 Jan 2024

The Presidential Economic Advisory Council (PEAC) has met to discuss current economic developments and measures to support economic growth and job creation.

The PEAC was set up in 2019 to ensure greater coherence and consistency in the implementation of economic policy and ensure that government and society in general are better equipped to respond to changing economic circumstances.

In a statement, the presidency points out that PEAC Members “commended the progress made in advancing economic reform, including in the energy, transport, and telecommunications sectors, as well as in rebuilding state institutions that were weakened by state capture”.

However, despite progress made in putting fiscally, socially and environmentally sound economic policies in place, the PEAC noted that significant challenges remain.

“In its assessment of the current economic environment, PEAC highlighted fiscal risks, the poor performance of state-owned enterprises, ongoing load shedding, historical underinvestment in infrastructure, and rising levels of crime as the most urgent obstacles to growth.”

Proposals discussed to address challenges include strengthening state capacity; professionalising the public service; improving the governance of state-owned enterprises; a proactive green industrial strategy to harness South Africa’s significant renewable energy resources; support for small businesses and the informal sector; and measures to speed up implementation of the Energy Action Plan and end load shedding.

Reform of the international financial architecture and appropriate financing mechanisms to support climate transition in developing countries also came under the spotlight.

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(This article is provided for informational purposes only and not for the purpose of providing legal advice. For more information on the topic, please contact the author/s or the relevant provider.)
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