Towards an economic abyss

Our worst fears have been confirmed. GDP growth continues to plummet and is now at a four-year low of 4.4 per cent for the first quarter of the current financial year. This should hopefully stop all loose talk of ‘plateauing of growth’ and sightings of green shoots of recovery. And it will hopefully also put an end to the argument that this remarkably poor performance is due entirely to exogenous factors, and not a result of mismanagement and simply lack of policy direction.

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