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Zuma: Economy needs to grow faster

Feb 14 2013 19:42 Fin24
zuma

President Jacob Zuma said in his State of the Nation address that the economy needs to grow three-fold in order to create jobs.

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Cape Town - South Africa's economy needs to grow threefold to create the targeted 11 million jobs by 2030 and interventions outlined in the National Development Plan can put the economy on a better footing, President Jacob Zuma said in his State of the Nation address on Thursday.

He said the NDP is a roadmap to a South Africa where all will have water, electricity, sanitation, jobs, housing, public transport, adequate nutrition, education, social protection, quality healthcare, recreation and a clean environment.

"The achievement of these goals has proven to be difficult in the recent past, due the global economic recession."

Referring to the crisis in the eurozone, Zuma said it affects the local economy as the erozone is South Africa's major trading partner, accounting for around 21% of exports.

On jobs Zuma said the country needed growth rates in excess of 5% to create more jobs. "Our GDP growth is expected to average at 2.5%, down from 3.1% in the previous year.

"We need growth rates in excess of 5% to create more jobs."

He said the government will engage business, labour and other social partners in pursuit of solutions. "No single force acting individually can achieve the objectives we have set for ourselves."

 

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