S Africa can no longer depend on mining sector to drive economic growth

South Africa needs to sharpen up its industrialisation programme if it is serious about reaching the 5.4% a year gross domestic product growth target as set out in the National Development Plan, as the country can no longer depend on its declining mining sector to drive economic growth. Speaking at the Vision2030 summit, Department of Trade and Industry chief economist Stephen Hanival noted that the benefits the country experienced from the mining boom cycle from 2006 to 2008 had now run dry and, paired with volatile commodity prices, it was time to focus on other areas of growth.