Department of Trade, Industry and Competition (Dtic) is of the opinion that South Africa has every potential and capability to pull the country out of its financial crisis.
This was made known few hours before President Cyril Ramaphosa presents his plan to revitalise the economy to the two houses of Parliament at 2pm.
The president previously made it known that extraordinary measures will be required to achieve sustainable economic recovery following the effects of the global pandemic in the country.
Dtic director-general Lionel October acknowleged that mistakes were made in the past few months and said certain situations ought to have been handled better.
“We were one of the countries who moved very decisively, and we did have a severe lockdown, but we’ve decided as the nation to err on the side of caution. So, we accept sometimes it was maybe too hush in those circumstances but at the time it was made, it was made in good faith,” October said.
He said now is the time to focus on the future and make it better.
“I think the advice is very clear that we must strike a balance between consolidating and watching our debt very carefully, but also have a clear programme to at least show shift expenditure from consumption into investment spending,” he said.
