• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

'North Africa uprisings a warning to SA'

Feb 24 2011 12:06 Reuters

Related Articles

R10bn jobs loan scheme unveiled

'Gauteng build plan to create mega jobs'

KZN moots job creation projects

State undermines its own jobs pledge

ANC job targets unrealistic: SAIRR

Private sector proposals sought on jobs

 
Cape Town  - South Africa could in the long run face the same type of political unrest that has wracked North Africa if it does not move quickly to create jobs and reduce inequalities, Finance Minister Pravin Gordhan said on Thursday.
 
Gordhan’s comments came a day after he projected a much larger-than-expected budget deficit for the next fiscal year - with billions of rand set aside for jobs - as the approach of local government elections put the government under pressure to spend more.
 
The ANC is under pressure to do more to slash unemployment levels of around 25% and provide social welfare for millions of people still mired in poverty.

On Thursday, Gordhan told a post-budget breakfast meeting that South Africa should move quickly to implement a new growth policy that aims to end poverty.
 
“As South Africans we have to be frank that we are good at ideas and not always good at implementation. Let’s learn from ... North Africa,” he said.

“North Africa is about allowing inequalities to grow, allowing joblessness to grow. It is about a state that hasn’t actually performed, about a minority that accumulates things for itself. If you want to follow that path for the next 20 years, we’ll end up like North Africa.”

Hundreds of people have been killed in Libya and Bahrain this month in anti-government protests sparked by upheavals that just weeks ago dislodged decades-old regimes in Egypt and Tunisia.

The Treasury on Wednesday shaved its growth forecast for 2011 to 3.4%  from 3.5% projected last October, after the economy grew 2.8% last year after emerging from recession.
 
Gordhan projected growth at 4.1% in 2012 and 4.4% in 2013, but those rates are still well below levels needed to reduce unemployment, with the Treasury estimating last year that annual growth of 7% was needed to make a big dent in joblessness.
 
The ANC is pouring billions of dollars into job promotion schemes. Besides R39bn already earmarked for job creation and factory investment, Gordhan said the government would spend an extra R5bn on a youth employment subsidy to get school leavers and graduates into work.
pravin gordhan  |  libya  |  tunisia  |  job creation
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
34 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Fewer high-risk election areas - Mthethwa

There are fewer high-risk election areas this year compared to past elections, Police Minister Nathi Mthethwa has said while visiting Manenberg in Cape Town.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...