The Statistician-General of South Africa, Risenga Maluleke has today released the first quarter labour force survey. The survey indicates that the level of unemployment has increased to 27.6%. The increase in the unemployment rate is a result of decline of 237 000 in the number of people in employment and an increase of 62 000 in the number of people who were unemployed between the fourth quarter of 2018 and the first quarter of 2019.
The high rate of unemployment is a serious concern to government; however there are a number of interventions that are being implemented to revive and stimulate economic growth. Unemployment requires all sectors of society to work together to address this challenge. The Youth Employment Service, Jobs Summit, Economic Stimulus recovery plan and Investment Conference are part of the broad short and long-term plan to reignite the economy.
The successful 2019 National and Provincial elections builds on the new wave of renewal and positive change that is sweeping across our nation. It reaffirms the stability that investors have been accustomed to since the start of our democracy. In refreshing our democratic mandate, South Africans have committed the country to build on its sound financial and economic policies.
Jobs and Investment Drive
On Friday, 21 September 2018, President Cyril Ramaphosa announced government’s plan to recover and stimulate the South African economy. Government is implementing a range of measures towards a new path of economic growth, employment creation and socio-economic transformation. Decisive steps are being taken including rebuilding investor confidence, ending corruption and state capture, restoring good governance and strengthening critical public institutions.
All South Africans must join hands and make an extraordinary effort to overcome the economic challenges we face. The South African economy must grow at a higher rate in order to create enough jobs and lift people out of poverty.
Government is accelerating the implementation of the following key economic reforms that will unlock investment opportunities, grow the economy and create much-needed jobs.
The President also hosted the Jobs Summit on the 04 – 05 October 2018 which brought together government, business, labour and community organisations to seek solutions to South Africa’s unemployment challenge. It also provided a platform for open discussion on the challenges faced by each social partner in the creation of jobs.
President Cyril Ramaphosa said the National Economic Development and Labour Council (NEDLAC) Social Partners have agreed that this Presidential Jobs Summit emerged with a Framework Agreement that is both ambitious and realisable. Through this Jobs Summit, government, labour, business and the community sector have agreed on concrete interventions to boost employment. It’s estimated that these interventions will create an additional 275,000 direct jobs a year.
The inaugural South Africa Investment Conference was a huge success which has generated announcements of investments to the tune of R290 billion. This marked the beginning of a new narrative on investment in South Africa.
The South Africa Investment Conference was an expression of a shared hope and a renewed confidence. It made a bold and unequivocal statement that we are determined to put behind us the period of uncertainty and discord and embrace a future of cooperation and partnership.
As a country we have placed economic growth and job creation at the centre of our national agenda. Local and foreign investments play an important role in growing our economy and creating sustainable jobs. Investments significantly contribute to our national goals of socio-economic development in breaking the back of poverty, unemployment and inequality. Our nation is on a journey to inclusive growth in transforming our business sector so we can have more people equally participating in the economy.
Let’s grow South Africa together.
Source: Department of Government Communication & Information System