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Jobless rate SA's biggest issue: Nene

Johannesburg - Joblessness is the single biggest challenge for South Africa and although the economy has recovered from the recession, employment is still below pre-crisis levels, Deputy Finance Minister Nhlanhla Nene said on Monday.
 
Nene also reiterated at a business conference that South Africa has spent over R50bn over the past year to try and stabilise the volatile rand.

South Africa has lost more than a million jobs since the beginning of 2009, the year it experienced its first recession since 1992.

The government has said the economy needs to grow by about 7% a year - double the 3.4% seen for 2011 - to make a dent on unemployment.

Nene said although the government had made progress in addressing some of its challenges, “we are under no illusion about what more needs to be done”.

He said the country’s new growth path launched last year is an important policy document in addressing some of these challenges.
 
Labour unions have repeatedly urged the government to intervene aggressively to weaken the rand, which firmed at about 12% against the dollar last year, a move seen hurting the key manufacturing sector.
 
“It’s not just the strong currency that’s a problem but the volatility. In emerging markets it’s one of the most traded currencies and it’s vulnerable. Over the past 12 months we’ve spent in excess of R50bn trying to stabilise the currency,” Nene said.
 
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