OECD calls for ‘serious structural reforms’ in SA
SA needs at least 2% growth to begin to tackle unemployment and serious structural reforms
SA needed at least 2% growth to begin to tackle unemployment and serious structural reforms, the Organisation for Economic Co-operation and Development (OECD) said on Monday. OECD secretary-general Angel Gurria said ensuring a better future for all South Africans required increased access to higher education, a stronger and fairer labour market, deeper participation in regional markets and a regulatory framework that fostered entrepreneurship and allowed small businesses to thrive. According to the OECD Economic Survey of SA, released on Monday, SA’s growth forecast for 2017 is 0.6% and for 2018 it is 1.2%. This comes after the Reserve Bank cut its economic forecast for 2017 by half from 1% to 0.5%. "That’s not going to make or break SA. It’s double last year but it’s half of next year and it’s still very low," Gurria said. "You need opportunities to come up. Where are they going to come from? We need a cruising speed for growth that is much higher than we have today in order to abs...
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