Economists say Finance Minister Tito Mboweni's new growth plan could help to pull the country’s struggling economy from stagnation. File photo: IOL

JOHANNESBURG - South African trade union UASA has welcomed an economic strategy blueprint to boost growth and create jobs released by the National Treasury on Tuesday, although it said some of the proposals were not new.

The document details structural reforms that could reverse the downward trend in South Africa’s growth potential and competitiveness, raise annual economic growth by three percentage points and create one million jobs.

"UASA agrees with the blueprint’s focus on modernising network industries, lowering barriers to entering the market for entrepreneurs, prioritising labour-intensive growth, promoting competitiveness on all levels, and that growth will be quantified," the union said.

"However, the proposed interventions are not new and have been seen before in the National Development Plan and other documents. UASA can only hope that the focus points of the strategy blueprint will eventually translate into much needed and corruption-free action that will benefit all South Africans.

It urged the public to heed finance minister Tito Mboweni’s invitation to comment on the document by September 15.

The main opposition Democratic Alliance on Wednesday applauded Mboweni for the blue print, saying the proposed reforms in it were "pro-growth and pro-jobs" and urging him to stand firm in the face of what it said was the likely opposition from the left wing of the ruling African National Congress.

- African News Agency (ANA)