situation report

May 15, 2019 | 14:45 GMT

1 min read

South Africa: Government Preparing to Unveil Economic Recovery Plan

What Happened: South African President Cyril Ramaphosa and his allies are preparing to unveil an economic recovery plan during Ramaphosa's state of the nation address next month, Fin24 reported May 15. In the meantime, the president reassured international investors that land expropriations do not pose a risk to their interests and that his Cabinet would focus on growing the country's economy.

Why It Matters: Ramaphosa's speech next month will lay the groundwork for his strategy to revitalize South Africa's struggling economy. During the address, the president is also likely to discuss other pressing issues, such as land expropriation.

Background: South Africa has been suffering from severe economic problems for over a decade, including high unemployment, a rigid labor market, declining educational standards and an unstable electrical grid, among others.

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