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South African economic growth and job creation targets

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2026-08-25 12:27 UTC → 2026-09-09 08:24 UTC · added ~~removed~~

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.

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