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growth

An economy paper released by the National Treasury looking at proposed measures to revive South Africa’s stagnant economic growth, create employment and reduce barriers to small businesses has been warmly received.

“This is a scientific and good assessment focusing on the problem we have in our country,” said Professor Jannie Rossouw, head of School of Economic and Business Sciences at the University of the Witwatersrand.

“This is something that we need to start implementing, it must be given all the necessary support by the Cabinet and all the ministers,” he said.

The opposition party The Democratic Alliance shared the same sentiment with Rossouw, saying that the paper should be implemented.

Finance Minister Tito Mboweni released the document titled: Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa on Tuesday night for public comments.

The 75-page document proposes addressing the issue of skills shortage, coming up with a macroeconomic policy, implementing youth employment interventions, providing continued support to government programs that incentivize employment creation and improving the country’s education starting at foundation phase.

“The government should urgently implement a series of reforms that can boost South Africa’s growth in the short term, while also creating the conditions for higher long-term sustainable growth,” Mboweni said.

The paper suggested that implementing measures could grow the economy by over 2 percent and create 1 million jobs. Enditem

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