Education must be aligned with job market needs, home-based entrepreneurship and small businesses need support and a diverse economy encouraged.
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Unemployed men sit waiting for workThe present economic stagnation may partly be a result of a lack of diversification, which limits employment opportunities and overall workforce employability. outh Africa’s economy is facing significant problems, including rising unemployment, deepening economic inequality and energy security concerns.
Attracting investment is crucial for long-term economic growth. Expanding economic infrastructure, supporting entrepreneurship, and boosting trade require substantial capital investments. But with a significant portion of the population facing financial pressures, raising this capital domestically is challenging. High-net-worth individuals and organisations are also discouraged from investing locally due to poor returns and higher risks, including a depreciating domestic currency.
Entrepreneurship should be revisited with a focus on home-based income generation. Exploring how each South African household can create supplementary income streams beyond traditional employment is essential. This approach can develop monetisable skills among all household members, even if these skills are acquired informally. For example, community-driven initiatives such as backyard poultry farming, or horticulture could serve as a starting point.
Supporting small business development is another critical aspect that needs to be prioritised. But it is essential that small businesses address economic needs and not limit their businesses to offering expertise such as outsourcing services to government departments and larger corporations that can be effectively insourced when economic pressures mount for these organisations.
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