South Africa targets 3% economic growth to address unemployment

South Africa has set a target to achieve an average annual economic growth rate of 3% by 2030, aiming to create 1 million additional jobs. This follows a decade of sluggish growth that averaged approximately 1.1% annually, which failed to keep pace with the 300,000 people entering the labor market each year. President Cyril Ramaphosa announced that the third phase of the Government-Business Partnership will focus on converting previous stabilization and reform efforts into tangible growth and investment. The government has identified infrastructure, mining, tourism, and agriculture as the four priority sectors for driving this expansion.

In a related boost to the economy, the fourth season of the SA20 cricket league generated a record USD 406 million in GDP contribution. The league's impact included the creation or sustenance of nearly 9,500 jobs and an increase in household income to USD 106 million. This represents a 23% year-on-year increase in GDP contribution compared to the previous season.