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Johannesburg - South Africa should set itself a target of reaching 7% annual economic growth rates
over the next 20 years, Finance Minister Pravin Gordhan said on Thursday.
Gordhan was speaking at the
financial results presentation of the Land Bank in Midrand.
"It's important to get the
South African economy on a higher growth trajectory," he said.
The global economic crisis saw
South Africa plunge into its first recession in 17 years last year and posted a negative
economic growth rate of 1.8% in 2009.
Gordhan said they would give their
estimation of what they expect the economy to grow by this year when he presents the
mid-term budget in October.
He added that public institutions -
such as the Land Bank - should consider creating partnerships to reach higher growth.
"We have to ask ourselves
whether we can create the partnerships necessary to deliver this kind of growth which in turn
will deliver jobs.
"If we set ourselves that
goal, we need new ways to have a willingness to do things differently," Gordhan noted.