SA to Highlight G20 Presidency and Economic Resilience at 2025 WEF Annual Meeting
Minister Enoch Godongwana emphasizes collaboration between business and government as South Africa prepares for a prominent presence at Davos.
- Country:
- South Africa
The upcoming World Economic Forum (WEF) Annual Meeting, set to take place from January 20 in Davos, Switzerland, marks a milestone for South Africa as the country takes the Presidency of the Group of 20 (G20). Finance Minister Enoch Godongwana highlighted the significance of South Africa's participation in the forum, calling it a golden opportunity to not only showcase the country’s leadership on the global stage but also to profile the priorities of its G20 Presidency.
Speaking at the pre-WEF breakfast session in Sandton, Godongwana emphasized that President Cyril Ramaphosa will lead the South African delegation, reinforcing the country’s leadership at both the G20 and global levels. "This year’s WEF is particularly significant for South Africa. For the first time in many years, President Ramaphosa will lead the South African delegation. This offers an unparalleled opportunity to strengthen the country’s visibility and to underline the objectives of our G20 Presidency," Godongwana said.
South Africa’s G20 Presidency and Global Leadership
The theme of South Africa's G20 Presidency is Solidarity, Equality, and Sustainability, which Godongwana noted reflects the essence of the country’s vision for global leadership. The G20 Presidency offers South Africa a unique opportunity to influence global economic discourse, while prioritizing critical issues such as economic recovery, sustainable development, and inclusive growth. "Our G20 Presidency presents a platform to demonstrate South Africa’s commitment to leadership that champions equality and sustainability," he added.
A United Front at WEF
South Africa will present a unified front at the WEF Annual Meeting, with a delegation including high-ranking officials, business leaders, and civil society representatives. According to Godongwana, the WEF meeting is an essential space for South Africa to engage with key global stakeholders, highlighting the country’s strengths, addressing misconceptions, and advancing national priorities.
"The WEF Annual Meeting brings together a wide range of key global players, and it is essential that we align our messages to showcase the full potential of South Africa. Presenting a unified message is crucial to enhancing our standing and influence globally," Godongwana stated. The Minister emphasized that the strength of South Africa’s position lies in collaboration between government and business to deliver a coherent narrative of resilience, opportunity, and shared prosperity.
Economic Outlook and Optimism Amid Challenges
While acknowledging the ongoing challenges faced by the South African economy, Godongwana offered reasons for optimism, despite the third-quarter GDP contraction and downward revisions to second-quarter growth projections. “The country experienced modest growth of 0.4% over the first three quarters of 2024, which was below expectations. However, we remain cautiously optimistic, especially with positive indicators such as the easing of inflationary pressures, improved electricity reliability, and the stimulus effect of the two-pot retirement system withdrawals," Godongwana explained.
He added that these factors provide a solid foundation for stronger growth in 2025 and beyond. "While challenges remain, the upside risks for growth are significant in the final quarter of 2024, creating momentum that will carry into the new year," Godongwana said.
Government of National Unity (GNU) and Economic Reforms
The 2025 WEF Annual Meeting will also mark the first for South Africa’s seventh administration and the Government of National Unity (GNU). Godongwana expressed confidence in the GNU’s ability to drive meaningful structural reforms and foster progress. “Since its formation, the GNU has proven its potential to unite the nation and facilitate progress. This governance era has fostered important discussions on structural reforms, creating a conducive environment for investment,” Godongwana said.
The government’s focus on collaboration with the private sector has fostered a positive reception from both markets and the public, which, according to the Minister, has helped create an investment-friendly environment.
Call for Collaboration in the Global Arena
Concluding his address, Godongwana reiterated the importance of collaboration between business and government as South Africa prepares for its prominent participation in Davos. "The strength of our message lies in collaboration. Business and government working together can deliver messages of resilience and opportunity that matter most, not only to South Africans but also to our global counterparts,” Godongwana concluded.
As South Africa heads into the WEF meeting, it does so with a renewed sense of purpose, committed to demonstrating the country’s resilience, economic potential, and leadership on the global stage. The 2025 WEF Annual Meeting is expected to play a pivotal role in positioning South Africa as a key player in the global economic dialogue, fostering greater investment and partnerships for sustainable growth.
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