Just weeks into the new year, South Africa is sitting with the possibility of losing more than 9 000 jobs. The inability to establish and carry out a coherent economic policy will drive many more into the painful clutches of poverty, writes Zama Mthunzi
As we begin the new year, the South African economy remains in frightful shambles.Unemployment has risen to a record high in 11 years and the never-ending retrenchments have spilt over from last year with Telkom announcing recently its plan to retrench more than 3 000 workers.South Africa is now sitting with the possibility of losing more than 9 000 jobs.
Just weeks into the new year, South Africa is now sitting with the possibility of losing more than 9 000 jobs. This is a social disaster. It needs an immediate response and not the long-lasting opposing rhetoric that we are used to, such as “we must attract foreign investment”, “we must create more jobs” and “we must improve our public service”.This is what was said at the governing ANC’s 108th birthday celebrations, at the Business Economic Indaba and the recent ANC lekgotla.South Africa’s economic growth forecast this year by the World Bank will fall from 1.5% to 0.9%.
The SA Communist Party called the paper “elite, capitalist proposals” while labour federation Cosatu said it was and “incoherent, confused and unreliable plan to the bolster economy”.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BUSINESS MAVERICK: Ziegler SA goes after SA Express board members in their personal capacityThe global logistics company, which wants SA Express to be placed under business rescue — through a court order — because it is technically insolvent, added a new twist to its battle against the state-owned airline: Ziegler SA wants the airline’s 12-member board to pay legal fees out of their pockets for opposing its urgent application.
Read more »
Investec Property Fund to rid itself of R727m stake in two SA mallsThe disposal is part of the company’s drive to shift its focus to Western Europe
Read more »
Shutdown is not the only way: Universities SAUniversities SA said one of the main issues raised - of historic debt - cannot be met by individual universities and require a long-term, national solution
Read more »
SA tycoon Patrice Motsepe apologises for 'Africa loves you' comment to Donald Trump | IOL NewsDr Patrice Motsepe issued a statement in response to the flack he received from some social media users regarding comments he made to President Donald Trump.
Read more »
Investec Property Fund to rid itself of R727m stake in two SA mallsThe disposal is part of the company’s drive to shift its focus to Western Europe
Read more »
Varsity students across SA vow shutdown as demands fall on deaf ears | Cape ArgusWith the academic year not yet properly under way, students across the country are vowing to shutdown universities if their demand for historic debt to be scrapped is not met. TheCapeArgus
Read more »