Business Unity South Africa (BUSA) says the country needs to rethink policies to deal with its many challenges, and aim to be more than a middle-of-the-road economy.
South Africa desperately needs to aspire to become a high-income economy—but to do so necessitates a “rethink of the macroeconomic growth policy and strategy.”
He added that the Department of Employment and Labour and its partners have driven significant changes through groundbreaking reforms negotiated at Nedlac, such as the National Minimum Wage. One of the points emphasised by Coovadia was that “we need to grow the economy and rethink the economic growth strategy” so that South Africa can become a high-income economy.Although South Africa appears to have made progress on load shedding, it continues to face challenges such as high unemployment, sluggish economic growth , deteriorating infrastructure, increasing inequality, systemic corruption, and poverty.
Nedlac Executive Director Lisa Seftel reported that in the 2022/23 financial year, the council achieved a clean audit, met 92% of its performance targets, and saw a notable increase in bills passed by Parliament. Seftel concluded that 30 years of democracy demonstrate that shared concerns among social partners can form a strong foundation for collaboration.
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