There’s a hint of excitement as television and the print media report: “The recession is dead!”

Retailers are no doubt holding thumbs that the Stats SA report that the slight growth recorded for the third quarter of 2009, is indeed cause to celebrate, particularly with Christmas less than 30 days away.

But is a 0.9 percent increase in the gross domestic product (GDP) a sure indicator that things are looking up? Millions of South Africans are still unemployed, companies continue to be liquidated and houses and vehicles are still being repossessed at an alarming rate.

“Debt review is an extremely effective debt relief measure and the NCR is committed to ensuring its optimal operation.” - Peter Setou, NCR Senior Manager: Education and Strategy.

Debt counselling, in its purest form, should enable over-indebted consumers to re-negotiate their repayment obligations, with approval from the Magistrates Courts. But according to Setou, the process has been obstructed by uncertainty and inconsistencies in procedures among the various parties participating in the process. The interpretation (or misinterpretation) of some of the NCA’s key sections and regulations has also led to delays in cases being heard in court.

Latest results of the Consumer Financial Vulnerability Index (CFVI), released late in October, indicate the consumer financial vulnerability worsened during the third quarter of 2009. The recession has given rise to increasing levels of vulnerability and this is likely to continue to increase for the rest of 2009.

New minister of finance, Pravin Gordhan, released his first Medium-Term Budget Policy Statement on Tuesday, 27 October 2009 and received praise for his emphasis on job creation, health, education, rural development and the fight against crime.

The People’s Budget Campaign, made up of the Congress of SA Trade Unions, SA Council of Churches and SA Non-Governmental Organisation Coalition, welcomed Gordhan’s bold commitment to the above priorities and to the Minister’s acknowledgement that in the context of declining revenue due to the economic crises, overall public-sector borrowing would be increased to 11.8 percent of the Gross Domestic Product (GDP).