We emphasize the importance of collaboration between the business community and the government as we prepare to present South Africa’s story on the global platform.

The annual World Economic Forum (WEF) meeting in Davos brings together a varied group of vital global players keen to understand the opportunities and challenges faced by South Africa. It is essential that we synchronize our key messages to underline our country’s strengths, address misunderstandings, and advocate for our shared goals.

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By presenting a unified message, we can enhance South Africa’s reputation and leverage its influence in the international arena.

This year’s WEF theme – Collaboration in the Intelligent Age – directly reflects the new era we are entering, characterized by innovative technologies and interconnected challenges. This theme is particularly relevant for South Africa.

Collaboration serves as the foundation upon which we can harness innovation to address our economic and social challenges while ensuring that technological progress is inclusive and equitable.

Minister Solly Malatsi will further explore this theme, discussing its implications for our nation and how we can harness it to promote growth and prosperity.

G20 Presidency

This year’s WEF is especially significant for South Africa as President Cyril Ramaphosa will lead the South African delegation for the first time in many years.

This represents a prime opportunity not only to boost South Africa’s visibility on the world stage but also to showcase our G20 Presidency.

Read:
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Under the theme of Solidarity, Equality, and Sustainability, our G20 Presidency embodies South Africa’s vision for global leadership:

  • Solidarity emphasizes the strength in unity and mutual assistance, recognizing that our interconnected world necessitates collaborative solutions to shared challenges.
  • Equality underlines the necessity of providing equitable opportunities for all and tackling systemic inequalities, ensuring that no one is left behind in our pursuit of global progress.
  • Sustainability serves as a reminder of the need to balance economic growth with social inclusion and environmental responsibility, paving the way for a brighter future for generations to come.

The domestic economy …

As we review the status of the South African economy, we acknowledge the challenges we encounter.

The contraction in the third quarter, along with a slight downward revision of the second quarter GDP, has resulted in a modest growth rate of 0.4% over the first three quarters of 2024.

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This growth rate fell short of the projections outlined in the 2024 MTBPS macroeconomic outlook. However, we remain cautiously optimistic.

There are substantial growth opportunities in the final quarter, fueled by a faster-than-expected reduction in inflation, improved electricity reliability, and the stimulating effects of the two-pot retirement system withdrawals.

Despite the challenges ahead, these positive indicators provide a basis for stronger growth in 2025 and beyond.

Government of National Unity

In the political arena, South Africa’s Government of National Unity (GNU) has demonstrated its capacity to unite the nation and promote progress. This period of governance has facilitated meaningful dialogues aimed at expediting structural reforms.

The positive response from both the markets and the public has created a conducive environment for the GNU to meet its commitments and foster an investment-friendly atmosphere.

Read: Where the post-GNU money has been made on the JSE

In conclusion, as we gear up to represent South Africa at Davos, let us acknowledge the strength of collaboration. Together, the government and the business sector can communicate the most important messages: those of resilience, opportunity, and collective prosperity.

Thank you for your dedication to this mission. I look forward to our productive discussions today and to working with each of you to ensure South Africa’s success on the global stage.

* This is an edited version of Finance Minister Enoch Godongwana’s speech to business leaders at a Pre-WEF Breakfast Session in Sandton on Thursday, 16 January.

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