Zuma’s second term cost SA R470bn

President Jacob Zuma’s second term cost SA’s economy R470-billion, Nedbank chief economist Dennis Dykes told Business Day on Tuesday.

The former president is said to have cost SA the following during his second term:

• R470bn of GDP stemming from corruption, maladministration and misguided policies
• R140bn in estimated lost tax revenue
• A subsequent reduction in the budget deficit in 2019 to about 2.4% of GDP (currently at a projected 4%)
• A reduction in government debt to R250bn: less than 49% of GDP versus 56% of GDP
• The South African economy could have been up to 30% (R1-trillion) larger
• The economy could have created 2.5-million more jobs
• The government could have collected R1-trillion more in tax
• The government could have minimised Eskom’s debt, which is R419bn by comparison.