In his annual address from Cape Town to the country, President Jacob Zuma used the State of the Nation to cull areas of the economy that need immediate consideration if the country is to meet its 2030 goals under the National Development Plan (NDP).
A very tactical Zuma did not flinch from giving a raw exposé of the most thorny issue of the economic plan his government has an eye on, that of ending joblessness, by saying that creating 11 million new employment opportunities would be an uphill climb should South Africa fail to meet its economical premise, by threefold what it has now.
“Our GDP growth is expected to average at 2.9%, down from 3.1% of the previous year,” he said, adding that for the goals of the NDP to become feasible, the GDP needs above 5% worth of growth proportion.
South Africa’s growth margin, despite representing the largest economy in the continent has performed relatively sluggish in comparison with the African mean, which has been at around 5%, with some nations having an excess of 6%.
Among other essential clauses that the State of the Nation communiqué had signaled to tackle yester-night was crime, which is a perverse social evil in major cosmopolitan areas like Inner City, Johannesburg. President Zuma did not eschew from giving head to the issue, by mentioning the recent rape and mutilation of a woman, Anene Booysen, while calling for close partnership to end crime in the cities.
Forging a compendium of interests between the state and the private sector also had strong showing as a model of economic growth in Zuma’s speech. The president did not fail to renew calls for creating ties between the ruling party and business entities to ensure that the latter get a fair share of the national cake, while also helping the government in the development agenda.
Zuma emphasized on the necessity to co-operate, by hinting on how it is impossible to make headway for a business entity that goes its own way, for the larger plans, like the ones in the National Development Plan can only come to culmination through a unified effort with like-minded private entities.
South Africa Economy
As a reflection of the collective GDP of Africa, South Africa’s economy is twenty-four percent of the same, being the largest in the continent. In terms of global economic ratings, the country is in the upper-middle income tier, alongside three other continental countries, featuring Botswana, Mauritius and Gabon.
The principal export of South Africa is gold, with reinforcement coming from agronomic and manufacturing prowess.
In spite of this impressive score, in fiscal terms, the South African civil statistics are poor, considering that about ¼ of the people do not have jobs. According to independent surveys, however, the rate could be clocking around 40 percent, a reason for the proliferation of crime by jobless youth in major cities.
This, among other statistics, was the reason why the government set up the National Development Plan in late 2000s to help meet all socioeconomic challenges by the year of the country’s Vision, 2030.