TUT Symposium Spotlights Challenges and Prospects of Economic Growth

TUT Symposium Spotlights Challenges and Prospects of Economic Growth. The Tshwane University of Technology (TUT) Faculty of Economics and Finance recently hosted a thought-provoking symposium to address the complex challenges of economic growth and socioeconomic transformation in post-apartheid South Africa.

TUT Symposium Spotlights Challenges and Prospects of Economic Growth

With the theme “Economic Growth Dynamics in the Post-Apartheid South Africa: Challenges and Prospects”, the event brought together prominent academics from various universities to discuss inclusive economic strategies, development, and the country pressing challenges.

Opening Remarks by Dr. Rasigan Maharajh

Dr. Rasigan Maharajh, from TUT Department of Economics, emphasized the critical importance of context in addressing South Africa economic issues. He explained that appreciating the country current conditions is key to developing effective solutions.

Data as a Foundation for Solutions

Dr. Maharajh pointed out that accurate and validated data is essential for understanding the realities of the economy:

• Scholarly Data vs. Informal Data: He highlighted the challenge posed by informal data, which many citizens rely on despite its lack of validation. This can create discrepancies in understanding issues such as unemployment and underemployment.
• The Role of Data in Policy: Publishing high-quality data is crucial as it serves as the foundation for society decision-making processes.

He concluded that tackling issues such as unemployment and underemployment requires a deeper understanding of their distinct definitions and implications for South Africa economic landscape.

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Keynote by Prof. Heinrich Bohlmann

Prof. Heinrich Bohlmann, Associate Professor at the University of Pretoria, delivered the keynote address titled “Rebuilding Trust, Social Capital, and Institutions: A Prerequisite for Economic Growth and Prosperity.”

The Role of Trust in Policy Success

Prof. Bohlmann stressed that trust and social capital are vital for the effective implementation of economic policies:

• Without institutional trust, even the most well-designed reforms can fail to gain traction.
• South Africa low levels of institutional trust hinder economic growth, as citizens are often skeptical about the government’s ability to address economic challenges effectively.

Harnessing Optimism

Prof. Bohlmann acknowledged that recent surveys indicate increased optimism among South Africans regarding the economy. However, he urged the government to transform this optimism into tangible, positive outcomes by implementing impactful policies.

Strengthening Institutions

He warned against focusing solely on proving the necessity of institutions for growth without safeguarding and improving existing ones. In a democracy, institutions can be eroded for personal gain, which undermines economic development.

Perspectives from Leading Academics

The symposium featured a panel of renowned academics, each offering valuable insights into specific aspects of South Africa economic challenges:

Prof. David Olakekan (North-West University)

• Topic: “Digital Economy in Stimulating Economic Growth in South Africa”
• Emphasized the transformative potential of digital technologies in driving economic progress.

Prof. Carolyn Chisadza (University of Pretoria)

• Topic: “The Big Push to Stimulate Sluggish Economic Growth Momentum in SA”
• Discussed the need for coordinated and large-scale investments to accelerate economic growth.

Prof. Mashupye Maserumule (TUT)

• Topic: “Game-Changing Public Policies to Stimulate Socioeconomic Development in South Africa”
• Highlighted innovative policy approaches to address the country’s socio-economic challenges.

Prof. Harold Ngalawa (University of KwaZulu-Natal)

• Topic: “Macroeconomic Policies and Strategies to Revive the South African Economy”
• Proposed targeted macroeconomic interventions to boost growth and stability.

Prof. Mario Scerri (TUT)

• Topic: “Imagining the South African Economy: A Heterodox Approach”
• Advocated for unconventional strategies to reshape the economy and foster sustainable development.

Key Takeaways and Recommendations

The symposium underscored several critical points

• Data Accuracy and Accessibility: Reliable and validated data is the backbone of effective policymaking.
• Youth Empowerment through Digital Economy: Harnessing digital technology can bridge gaps in employment and stimulate growth.
• Institutional Trust: Restoring faith in institutions is paramount to achieving economic reform.
• Policy Innovation: Public policies must be dynamic and innovative to address the unique challenges of South Africa economy.

Conclusion

The symposium demonstrated a shared commitment to addressing South Africa socioeconomic challenges. While progress has been made, the road to a robust and inclusive economy remains steep.

The collaboration between academia, government, and the private sector will be critical in crafting solutions that drive economic transformation.

By embracing innovation, fostering trust, and leveraging the digital economy, South Africa can navigate its challenges and build a prosperous, equitable future.

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