Business Forum discusses how junk status affects us all
On May 25, David Shapiro, expert consultant, fund manager and chartered accountant, was the guest speaker at the event.
THE Alberton and Johannesburg South Business Forum breakfast and networking meeting, held at Sha-Mani Lodge on May 25, gave some insight into the current economic climate.
David Shapiro, expert consultant, fund manager and chartered accountant, was the guest speaker at the event, which was themed “Junk status and whatever goes with it,” and aimed at networking and discussing strategies in the current dire state of the economy in South Africa.
“We cheer at the estimated growth of one percent for the year (optimistic estimate) but our population growth is at nearly two per cent, so essentially we are twice as poor; in America, their population growth doesn’t seem that big at two per cent, but their population growth is only one per cent, meaning they are twice as rich,” says Shapiro.
Shapiro also put emphasis on the massive problem of 17 million people being on social grants, paid for by only around 500 000 people (tax-payers) and said that this is obviously not a system that can ever work.
“The government have their priorities completely wrong, focusing on all the wrong things. You can’t take from some to give to everyone else and think that is going to solve anything – it just furthers the problems and makes them much worse,” he adds.
“The only thing going for South Africa at this stage is its private sector. A very big threat we do face, however, is robotics. All the biggest companies, and perhaps the best investments, lie in technology, but it can also be our enemy, because with mass mechanisation, people will start losing their jobs as they will become obsolete.”
Shapiro also mentioned the importance of adapting to trends and new investment opportunities like those working on vehicle autonomisation and alternative energy, as the world is “going green”.
“We also need to start becoming more informed, read more and learn to understand how economics works, at least to some degree,” concluded the energetic Shapiro.
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