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.