South Africa Elections: What lies ahead for one of Africa's largest economies?
Updated 17:10, 13-May-2019
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As results are being finalised, analysts and economists are waiting patiently to see the make-up of the next government and how it will affect one of Africa's largest economies. CGTN's Angelo Coppola explains.
Economists monitoring South Africa's socio-economic environment don't expect to see too much change in the short term.
DAWIE ROODT CHIEF ECONOMIST, EFFICIENT GROUP "There are some changes on the political, in politics in South Africa. Not that much. Which is probably the best case scenario that the financial markets would have wanted. So we've got more or less what we've wanted. There could be some changes still, but what is clear is that it will still be the ANC and it still will be Cyril Ramaphosa."
While the ANC was returned to power with a lower percentage majority, it's not all bad news.
PROF. SUSAN BOOYSEN RESEARCH DIRECTOR, MISTRA "I think it is a more clear cut mandate that Ramaphosa got out of it, and at least the ANC can go back and say 'our campaign was centered on cleaning up the ANC, promising good and responsible government to the country."
Markets will be watching what the new president will do about a new cabinet.
DAWIE ROODT CHIEF ECONOMIST, EFFICIENT GROUP "Will it be a mixed cabinet, with the good guys and the bad guys? Or will it be a Cyril cabinet? And then of course after that who's going to be the minister of finance? And what kind of policies can we be looking forward to? And I'm afraid those policies are probably going to include a lot of very bad medicine. And the sooner the president does this and the sooner he takes those very unpopular decisions, the better for him and the better for the South African economy."
Analysts say that Ramaphosa was hamstrung by internal politics during his first short term in office.
PROF. SUSAN BOOYSEN RESEARCH DIRECTOR, MISTRA "I think it should be able, the ANC under Cyril Ramaphosa, under this type of mandate, be able to move ahead more clearly than it had been in the past."
ANGELO COPPOLA TSHWANE, SOUTH AFRICA "Now that the elections are out of the way, its time to get down to the brass tacks of actually building the economy and getting those people, who are unemployed, employed. I'm Angelo Coppola for CGTN in TSHWANE, SOUTH AFRICA."