BLSA chief executive Busi Mavuso.
BLSA chief executive Busi Mavuso.

Business Leadership SA backs B4SA plan to create more than 1.5 million jobs

By Sandile Mchunu Time of article published Jul 19, 2020

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DURBAN - Business Leadership South Africa (BLSA) has thrown its weight behind Business for South Africa’s (B4SA) economic recovery plan that will create more than 1.5 million jobs and increase tax revenue by R100 billion a year.

B4SA presented its economic recovery strategy document to council members of BLSA on Tuesday to engage in an in-depth discussion on how best to implement the proposed strategies.

B4SA has identified 12 key initiatives that will accelerate the country’s economic recovery that could grow gross domestic product (GDP) by R1 trillion, generate 1.5 million jobs and increase tax revenues by R100bn a year.

However, B4SA estimates that the recovery plan will require R3.4trn in funds in the next three years and this would push the public sector debt from R4trn to R6.4trn.

BLSA chief executive Busi Mavuso said today that as one of the founding members of B4SA, they acknowledged that the Covid-19 pandemic constituted an unprecedented challenge with very severe socio-economic consequences.

“This plan recommends bold, practical steps that would provide an immediate boost to our economy, protect existing jobs and deliver new ones while establishing other factors for securing long-term growth. It tackles unemployment and proposes measures to further support the business sector generally and particularly small, medium and microenterprises,” Mavuso said.

Mavuso has also applauded the business sector for working alongside the government since the Covid-19 outbreak and for remaining fully committed to these joint efforts in addressing the socio-economic impact, the health pandemic and the humanitarian consequences.

BUSINESS REPORT

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