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3 clusters · 12 sources · 20 days · First seen · Last updated

South African economic growth and job creation targets

Overview

President Cyril Ramaphosa has launched the third phase of the Government-Business Partnership, establishing a goal to achieve at least 3% economic growth and create one million jobs by 2030. This initiative follows a decade of sluggish growth that averaged approximately 1.1% annually, which was insufficient to accommodate the 300,000 people entering the labor market each year.

The strategy focuses on driving inclusive, labor-intensive growth by prioritizing sectors with high job-multiplier effects, specifically mining, agriculture, infrastructure, and tourism. The partnership seeks to build on previous stabilization efforts, such as the elimination of loadshedding and improvements to national logistics, to foster an environment conducive to investment and production.

Recent developments highlight potential drivers for this expansion. The construction sector is projected to grow by approximately 4.3% annually between 2027 and 2030, fueled by renewable energy projects and increased public-sector infrastructure spending. Finance Minister Enoch Godongwana has confirmed significant funding pipelines, with substantial allocations directed toward state-owned companies, provinces, and municipalities, particularly for transport and logistics.

However, Infrastructure South Africa has cautioned that poor preparation and misaligned budgets could jeopardize these projects. Additionally, while the broader economic strategy targets industrial sectors, the SA20 cricket league has demonstrated immediate economic impact, contributing a record USD 406 million to the GDP and supporting nearly 9,500 jobs in its fourth season.

Entities

South Africa · Cyril Ramaphosa · Enoch Godongwana · Government-Business Partnership · Global Data

Timeline

  1. 3 days ago

    [BUSINESS] 2 sources
    South Africa construction sector poised for growth through infrastructure investment

    South Africa's construction sector is projected to grow 4.3% annually through 2030, supported by significant public infrastructure spending and renewable energy projects.

  2. 17 days ago

    [BUSINESS] 4 sources
    South Africa targets 3% economic growth to address unemployment

    South Africa aims for 3% annual economic growth by 2030 to combat unemployment, while the SA20 cricket league recently contributed a record USD 406 million to the nation's GDP.

  3. 22 days ago

    [BUSINESS] 6 sources
    South Africa targets 3% growth and 1 million jobs by 2030

    South African President Cyril Ramaphosa launched phase three of a government-business partnership aiming for 3% economic growth and one million new jobs by 2030 through key sectors like mining and agriculture.

Sources

algoafm.co.za · ecofinagency.com · investegate.co.uk · nannews.ng · news.m.pchome.com.tw · newsable.asianetnews.com · newsbytesapp.com · nufarmerafrica.com · realnewsmagazine.net · sanews.gov.za · smesouthafrica.co.za · theclintoncourier.net

This summary has been updated 1 time: see revision history