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South Africa is slipping away from its target of creating five million jobs in a decade, an economist said on Wednesday.
“The later we are out of the starting blocks, the lower the chances of achieving our aims,” Standard Bank chief economist Goolam Ballim told media in Johannesburg.
Delays in implementing the right policies with urgency made it more difficult to achieve the government's aim of creating five million jobs by 2020.
This aim had been dealt a blow by global economic crises and domestic policies, Ballim said.
“I think it requires leadership of substantial presidential stature beyond just words,” he said the day before President Jacob Zuma is due to deliver his state-of-the-nation-address.
The government needed to recognise that the private sector was the dominant job creator and would participate in the economy when it felt secure, he said.
The government also needed to invest more in the economy, as happened 30 years ago when 50 cents out of every R1 invested in the economy came from the public sector.
This was down to 30 cents out of every rand when the ANC took power in the early 1990s. Now it stood at around 32 cents.
Ballim said the multiplier effect on public infrastructure spending tended to be much higher than that of private company spending.
Investment in rail and transport, for example, would help grow the economy more than a private company investing in a new shampoo, he said. - Sapa
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Anonymous, wrote
I smell another "5-year plan" on the launchpad. Pity that someone has stolen the fuel, outsourced the guidance system (by tender of course) and lost the matches.
Huh?, wrote
I will stick my neck out and make the claim that there will be less people employed at the end of their target year than are currently employed. The nature and structure of the world economy has fundamentally shiftd and we will NEVER get back to employment levels previously enjoyed. nope for the bst but plan for the worst......
zz, wrote
state-of-the-nation-address - I hope not meeting the job creation targets is going to be a burning issue, I can't wait to hear how are they're going to duck and dive on this one.
Juan, wrote
As long as the anc government provides people with a sub-standart education, they are creating unemployable people. In every dictatorship it is the aim of a supressive government to keep the population uneducated as it is easier to get away with corruption when people are too ignorant to answer questions.
Fred, wrote
The government is not interested in creating jobs, only in stealing money to splurge on luxury mansions, luxury cars, expensive booze, big sushi and pap parties, R100 million on the ANC 100th anniversary and a few billion rand for each well-connected cadre. Just have a look at the latest nonsense with the RTMC on another report: http:www.iol.co.zanewssouth-africawestern-caperoads-body-on-brink-of-financial-collapse-1.1229856 In there, the investigators should name the ones who got the contracts and perhaps point out their connections to the ANC. Furthermore, they should have a closer look at Ndebele's connection to any of the parties, especially the 10-year leasing contract.
Anonymous, wrote
how are you going to create 5 million jobs in a decade when you shoot yourself with policies that are flawed, my own experience: Had lost my job, accounts fell into arrears, managed to settle the accounts eventually, but a default list on the credit bureau remains for 2 years and guess what, i have been refused 3 jobs because of this listing for an account that has since been paid up.
Anonymous, wrote
What is all the fuss about! Mr Zuma no doubt is going to PROMISE hundred's of thousands of jobs in his speech today...
designer, wrote
Anonymous, wrote
the issue is that although we had corruption before and will have hereafter, the biggest problem why the mulitplier effect is not effective is mainly due the high levels of fraud combined with the lower levels of delivery which tatamounts to lower actual invest, hence the multiplier effect is not working! As it is lower per se. Letrs reduce the fraud and we will see the turnaround as well as reduce the token BBBEE to select few in the ruling elite!
Scam 2, wrote
They are not on target for creating 5 million jobs in a decade but are on target in stealing more than five million of tax payers monies' in half a decade
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