AL-MUSTAPHA DISMISSES EX-DSS OPERATIVE’S CLAIMS ON ABACHA’S DEATH. (PHOTO)
STANDARD BANK CEO WARNS: CLOSING THE DOOR ON MIGRANTS WILL COST SOUTH AFRICA
Standard Bank Group CEO Sim Tshabalala has warned South Africa against clamping down hard on migration, saying it could badly damage the economy.
Speaking at the Kgalema Motlanthe Foundation Winter Seminar in Johannesburg, Tshabalala said migrants are not just "job takers" they are consumers, taxpayers, entrepreneurs and investors who keep the economy moving. They rent homes, use transport, start businesses, and buy goods and services every single day.
He used Brexit as a warning sign. When the UK cut itself off from free movement with Europe, the results were painful: GDP dropped by 6-8%, investment fell by 13%, and unemployment rose by about 4% compared to if Britain had stayed in the EU.
His message: shutting the door on migrants may sound good politically, but the numbers show it backfires economically.
This comes as South Africa reviews its immigration laws, and while anti-foreigner sentiment and protests continue to rise across the country.
Comments
Post a Comment