Rethinking South Africa's macroeconomic policy approach

Abstract

The need to respond to crises has driven momentous changes in macroeconomic thinking, said macroeconomics expert Dr Seeraj Mohamed at the first of a series of Macroeconomic Policy Dialogues hosted by the HSRC. Mohamed and fellow economists Gilad Isaacs and Alexis Habiyaremye argued that, contrary to the old, neoliberal view, pro-poor fiscal stimulus is critical for overcoming and preventing socioeconomic crises like that precipitated by the COVID-19 pandemic. South Africa���s historical focus on economic stability should give way to structural macroeconomic policy goals centred on building an equitable society.