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Marcus warns of vicious cycle of strikes

Oct 11 2012 07:47
Sapa

Johannesburg - SA Reserve Bank governor Gill Marcus has warned of job losses if current labour trends continue, the Dispatch Online reported on Thursday.

“If we want to nurture a stable democracy, we need to behave in ways that will create trust in our political, social and economic institutions, and between social groups,” she said at Rhodes University, in Grahamstown, on Wednesday.

"Such trust cannot be demanded, it needs to be earned through appropriate actions and behaviour," Marcus was quoted as saying.

“During the current difficult times that we are experiencing in our country, the building up of trust takes on even greater importance.”

Marcus said until a few weeks ago, large amounts of investment still poured into the country. But wildcat strikes countrywide and waning investor confidence led to R10bn equity leaving South Africa recently, including R5.6bn on Monday alone.

The "volatile situation" created by strikes was contributing to a “vicious cycle” of currency depreciation, slower growth and likely increased unemployment, she said.


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sarb  |  gill marcus  |  unemployment  |  strikes  |  sa economy

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