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The government's New Growth Path (NGP) falls “far short” of being a comprehensive and overarching development strategy that is capable of unleashing a plan that will fundamentally transform the economy, the Congress of SA Trade Unions (Cosatu) suggested on Tuesday.

A special meeting of Cosatu's central executive committee was held on Monday, attended by national office bearers and representatives of its affiliates and provincial structures.

Cosatu said the triple challenge of extraordinarily high levels of unemployment, poverty and deepening inequalities cannot be fully addressed by the New Growth Path.

The government revealed in the plan its aim to create five million jobs by 2020 by increasing investment in infrastructure development and sectors such as manufacturing. It proposes measures to address the rand's strength, loose monetary policy and even the implementation of caps on wage increases.

In a further assessment of the New Growth Path, Cosatu said the document would need to be overhauled.

Cosatu revealed that it had identified “weaknesses” in the document and had developed alternative proposals, which it would raise with its alliance partners.

“Our approach is informed by the need to engage with both the document and all other role players, to overcome the structural and analytical deficiencies of the proposed New Growth Path,” Cosatu concluded in a statement.

More consultations between the government, labour and business on the New Growth Path are expected this year. - I-Net Bridge