Advertise with fastmoving.co.za
 
 

SA's economy must change‚ says Gigaba
SA's economy must change‚ says Gigaba

SA's economy must change‚ says Gigaba

ECONOMIC NEWS

By Sipho Mabena - Apr 10th 2017, 09:36

Call it radical or accelerated economic growth but it all boiled down to inclusive growth‚ new Finance Minister Malusi Gigaba said in Pretoria last week. 

Gigaba said there were no pillars underpinning exactly what constituted radical economic transformation.

He was speaking at a press briefing at Treasury. Over the past two decades‚ he said‚ there were parts of the country's economy that did not create a sufficient volume of jobs to address the triple challenge of joblessness‚ poverty and inequality.

Gigaba said the challenge facing the country was the structure of its economy‚ which remained in the hands of a few. The structure of the economy had to change and become more inclusive and productive.

He intends taking full advantage of institutions that have been established by his predecessors‚ such as the Business Working Group‚ focusing on agriculture‚ mining‚ small businesses and the industrial sector to create jobs.

“We need to increase our agricultural output so that employment in agriculture is also increased to be on the same par as other middle-income economies. We need to focus on the mining sector‚ on its ability to continue creating jobs. It has lost about 800 000 jobs in the last few years. We need to focus on ensuring that our mining sector recreates jobs and beneficiates the economy‚” he said.

Gigaba said the main focus was on industrialising the economy‚ which also had to be diversified. This included support for job creation in the field of tourism and seeking ways to create more entrepreneurs and industrialists.

“That is what inclusive growth entails‚” he said.

Gigaba said support for the business sector was critical as it was the private sector that had to create jobs‚ not government.
© 2017 Times Media Group. All rights reserved. 

Read more about: sa economy | gigaba |

Related News

4 reasons to be hopeful about South Africa’s economy
12/09/2019 - 14:40
Markets responded positively to South Africa’s economic growth rebounding in the second quarter, up 3.1%, and 0.9% for the year to June 2019.

Smarter mobility key to a sustainable South Africa
11/09/2019 - 13:19
The World Economic Forum has revealed that by 2050, 70% of the world’s population will be living and operating in urban areas. Considering the resultant congestion and air pollution, which are already challenges requiring mitigation in 2019, mobility and energy should be top of mind for those making the shift towards cities of the future.

Manufacturing production shrinks for second month in July
11/09/2019 - 13:01
Manufacturing production recorded its second consecutive contraction in July, in line with analysts’ expectations.

Eskom: The largest threat to the stability of the SA economy
10/09/2019 - 09:45
On Tuesday 23 July, South African Finance Minister Tito Mboweni tabled a bill before the National Assembly which would see national state-owned power utility Eskom benefit from an allocation of R59 billion over the next three years.

African continental free-trade deal has a long way to go
09/09/2019 - 14:50
The African continental free-trade agreement (AfCFTA) is facing several challenges and it could be decades before there is a common market in which tariffs are largely abolished.