Ramaphosa calls for immediate action to boost economy
Deputy President Cyril Ramaphosa says we need to take action now to strengthen the country's economy.
Ramaphosa was reacting to today's figures from Statistics SA which show that South Africa's economy contracted by 1.2% in the first quarter of 2016.
GDP also shrunk by 0.2 percent.
Also read: SA's GDP drops by 1.2%
''This highlights the singular importance of decisive action that we need to take to strengthen our economy, stimulate growth and to increase employment,'' he said.
Speaking on day one of the Gauteng Economic Indaba where government is presenting its economic vision, Ramaphosa also welcomed ratings agency Fitch's decision to leave the country's credit rating unchanged.
''Even Fitch just a few hours ago announced that they are not going to dump us into junk status, they are going to retain us where we are but they are also going to say we are stable because we are stable. We need to act like that,'' he said.
(File photo: Gallo Images)