Business Leadership South Africa (BLSA) CEO Busi Mavuso says that although the country’s gross domestic product (GDP) for 2020, particularly in the fourth quarter of the year, exceeded most forecasts, the figure “remains a disaster for the economy and very far from what we should consider ‘normal’”. Not too long ago, she says the South African economy was growing at above 5% a year, and that from 2004 to 2007 5% yearly growth set the benchmark, with GDP regularly reported around that rate. “Any dip below it was considered a national failure.” However, since then, Mavuso says it has become “interesting” how South Africans’ perceptions of what is acceptable have changed.
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