SA economy on the road to recovery


South African President, Cyril Ramaphosa.

JOHANNESBURG, (CAJ News) – PRESIDENT Cyril Ramaphosa believes South Africa’s economy is on the road to recovery following slow growth and unemployment aggravated by COVID-19, civil unrest and flood.

These battered the country over the past two years.

An energy crisis and rampant corruption have worsened the woes.

“Yet, even amidst these formidable challenges, our society and economy has proven to be resilient,” Ramaphosa said.

“And indications are that our economy is showing encouraging signs of recovery,” he added in his weekly letter to the nation, released weekly on Monday.

The president noted the latest employment figures, in particular, give grounds for cautious hope.

Statistics South Africa recorded a decline in the unemployment rate for the second quarter of 2021.

Significantly, their measurement shows that the actual number of people employed rose from 14,5 million people in the fourth quarter of 2021 to 15,5 million in the second quarter of 2022.

“This is an encouraging increase of much-needed jobs over the first half of this year,” Ramaphosa said.

The jobs were mainly created in sectors such as community and social services, trade, finance and construction.

“Of course, much more needs to be done if we are to make a significant dent in our country’s high unemployment rate,” Ramaphosa advised.

He said the growth in employment, alongside other promising signs of recovery, should encourage South Africa to push ahead with reforms and implement the Economic Reconstruction and Recovery Plan to unlock investment and growth.

“It should encourage all social partners to work more closely and with greater urgency and purpose to achieve faster growth and create more jobs,” Ramaphosa concluded.

– CAJ News










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