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Treasury says 780 000 jobs will be created in three years
South Africa is expected to create 780‚000 jobs over the next three years‚ according to the National Treasury's medium-term budget policy statement (MTBPS) released on Thursday.
These forecasts come in spite of a weaker global and domestic economic environment and widespread job losses in the country's mining sector as a result of wildcat strikes.
Treasury conceded that employment gains had decelerated in tandem with slower growth over the past year and that "rising wage demands across the economy could put pressure on new hiring."
South Africa's unemployment level is almost 25% of the population.
"Labour force participation rates remain low‚ with more than 1.1m additional South Africans classified as discouraged since the end of 2008‚" the budget policy statement showed.
Formal non-agricultural employment had risen towards pre-2009 levels‚ with 125‚000 jobs created over the past 12 months‚ treasury noted.
It added that public-sector employment had risen by 38‚000 jobs compared with 87‚000 jobs in the private-sector.
Government called for partnerships with the private business‚ which accounts for about 71% of economic activity and more than 75% of jobs, according to treasury figures.
"Creating a buoyant private sector that works in partnership with an effective government will help South Africa achieve faster growth and sustainable job creation‚" the budget policy statement claimed.
Source: I-Net Bridge
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