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Cosatu: New growth path falls short

Johannesburg - The government's new growth path falls "far short" of being a comprehensive development strategy capable of transforming the economy, Cosatu suggested on Tuesday.

A special meeting of Cosatu's central executive committee was held on Monday.

Cosatu said the triple challenge of extraordinarily high levels of unemployment, poverty and deepening inequality cannot be fully addressed by the new growth plan.

The government aims to create five million jobs by 2020 through a new growth trajectory by increasing investment in infrastructure development and sectors such as manufacturing.

It proposes measures to address the rand's strength, loose monetary policy and to cap wage increases.

In an  assessment of the new growth path, Cosatu said the document would need to be overhauled.

It said that it had identified "weaknesses" in the document and had developed alternative proposals, which it would raise with its alliance partners.

"Our approach is informed by the need to engage with both the document and all other role players, to overcome the structural and analytical deficiencies of the proposed new growth path," Cosatu said.

More consultations between the government, labour and business on the growth plan are expected this year.

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