South Africa’s Economy Improving

16 April 2012 17:00 - Victoria Wedderburn

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South Africa’s Economy Improving

South Africa’s Finance Minister Pravin Gordhan said that South Africa’s economy is getting better but is vulnerable to the situation in Europe. As the Foreign Correspondents Association meeting in Johannesburg today said, “Economic growth is reasonably stable.” He added, “Like many other parts of the world, the economy is still subject to the vagaries of the global economy, in particular the European situation. From our point of view, we look forward to a far more clear set of actions coming from European countries that will give markets the certainty they require.” According to Gordhan, uncertainty damaged growth as well as employment prospects.

Gordhan also said that “There are immense opportunities on the continent.” South Africa is working to improve growth with its infrastructure programme that was recently announced, as well as with the competitive programme for the industrial sector, support for emerging farmers, investment in science and technology as well as employment expansion, particularly for the youth. On reducing unemployment Gordhan said this depended on the extent of economic growth, labour absorption as well as greater investment in industries that have a larger capability to employ people. South Africa aims to create 5 million jobs by 2010.

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