Government adopted the New Growth Path (NGP) as the framework for economic policy and the driver of the country’s jobs strategy
This booklet is the first in a series of publications on the New Growth Path.
This booklet has been produced as a public information resource. It is intended to help shop stewards, business representatives and government officials to communicate the contents of the NGP to a wider audience.
The purpose of the series is to stimulate a constructive discussion about the country’s economic priorities, identify actions that the private sector, organised labour and government can undertake.
The purpose of the series is to stimulate a constructive discussion about the country’s economic priorities in order to identify actions that the private sector, organised labour and government can undertake jointly and in their respective areas and to build support for strong partnerships in the society to address the jobs and economic challenges.
In his inaugural State of the Nation Address in June 2009, President Jacob Zuma stated:
“It is my pleasure and honour to highlight the key elements of our programme of action. The creation of decent work will be at the centre of our economic policies and will influence our investment attraction and job creation initiatives. In line with our undertakings, we have to forge ahead to promote a more inclusive economy.”
There is growing consensus that creating decent work, reducing inequality and defeating poverty can only happen through a new growth path founded on a restructuring of the South African economy to improve its performance in terms of labour absorption as well as the composition and rate of growth. To achieve that step change in growth and transformation of economic conditions requires hard choices and a shared determination as South Africans to see it through.
The Government is committed to forging such a consensus and leading the way by
The New Growth Path must provide bold, imaginative and effective strategies to create the millions of new jobs South Africa needs. It must also lay out a dynamic vision for how we can collectively achieve a more developed, democratic, cohesive and equitable economy and society over the medium term, in the context of sustained growth. The strategy sets out critical markers for employment creation and growth and identifies where viable changes in the structure and character of production can generate a more inclusive and greener economy over the medium to long run. To that end, it combines macroeconomic and microeconomic interventions.
The Minister of Economic Development, Mr Ebrahim Patel, tabled his Budget Vote Speech in parliament on 22 July 2014.
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Unemployment rate 25.5%
Absorption rate 42.8%
Participation rate 57.2%
Formal sector non-agriculture employment (q\q %) -0.1%
Formal sector non-agriculture gross earnings (q\q %) -4.6%
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