Academics from different universities tackled issues around inclusive economics, socioeconomic development and transformation and challenges the country is facing during a thought-provoking symposium hosted by the Tshwane University of Technology’s Faculty of Economics and Finance.
In his Introductory remarks on the theme of the symposium “Economic Growth Dynamic in the Post Apartheid South Africa: Challenges and Prospects”, Dr Rasigan Maharajh, from TUT’s Department of Economics, emphasised the importance of understanding our context. “Understanding our context is critical, since it is about appreciating what we have, but also about finding solutions to our problems.”
“Among the many challenges we face, is the question of data – information that has been gathered through scholarly investigation to validate the quality of that data. Since we publish such data, it becomes the facts that society works from. Thus, it is important for us to specify the results in numerous problems; in the real economy, political economy and for all of us,” he said.
“We also face a challenge on the level of data informality, on which ordinary citizens rely, even if it is not the official data of the country. We need to know specifically what unemployment and underemployment is. These are two distinct concepts, which specifically speak to the challenges confronting our country as a whole,” added Prof Maharaj.
Prof Heinrich Bohlmann delivering the keynote address during the Faculty of Economics and Finance symposium.
Keynote speaker, Prof Heinrich Bohlmann, Associate Professor from the Department of Economics at the University of Pretoria, talked about “Rebuilding trust, social capital and institutions: A prerequisite for economic growth and prosperity”.
“I am often confronted with quantifying how certain interventions are likely to impact the economy and society at all levels. In the process, I have learned that trust and social capital play a critical role in the success of many policies,” said Prof Bohlmann.
Many surveys shows that more South Africans are feeling more chipper about the economy and the country’s outlook in general as they have in many years. However, it is important that the current administration in the country harness this increased optimism into positive and tangible results during their term in office,” he added.
Dr Rasigan Maharajh remarking on the theme of the symposium.
He said that at a macroeconomic level, institutional trust challenges can be traced across socioeconomic indicators, which include real GDP per capita, real investment spend and unemployment.
“Many planned reforms aimed at boosting growth, but employment and investment fail to gain traction because we focus more on trying to prove that institutions are needed for growth rather than working more towards better understanding and protecting the good ones that are already in place. We should also understand how, in a democracy, institutions can be broken down by others to benefit a few at the expense of the majority,” added Prof Bohlmann.
He added that many surveys show very low levels of institutional trust in our country, which hampers economic growth. “The government needs the trust of the people to successfully address the current and future policy challenges and convince the public about the necessity of these policies – no matter how unpopular they might be,” he continued.
Other presenters included Prof David Olakekan, a Professor of Economics at North-West University, addressing “ Digital Economy in Stimulating Economic Growth in South Africa”; Prof Carolyn Chisadza, Associate Professor in Economics at the University of Pretoria, speaking about the “Big Push” to Stimulate Sluggish Economic Growth Momentum in SA”; Prof Mashupye Maserumule, TUT’s Executive Dean of the Faculty of Humanities who addressed “Game Changing Public Policies to Stimulate Socioeconomic Development in South Africa”; Prof Harold Ngalawa, Professor of Economics at the University of KwaZulu-Natal, speaking on “Macroconomic Policies and Strategies to Revive South African Economy”; and Prof Mario Scerri, from TUT’s Department of Economics, who spoke about “Imaging the South African Economy: A Heterodox Approach”.
These experts unpacked the issues of economic growth and emphasised that while many interventions are in place that are really driving economic improvement in the country, more must still be done to steer our economy in the right direction. Government should constantly strive to find solutions to existing problems facing the country’s economic trajectory.