The economy contracted by 0.6% in the first quarter of 2014 on the prolonged strike at platinum mines and weak manufacturing output. A strike that started on Tuesday in the metals and engineering industry threatens to destabilize economic growth in the third quarter if prolonged. This comes after the recently ended five-month strike at platinum mines. Mr Nene told a Reuters function that strikes were damaging for everyone. At the end no one benefits. If you look at the long protracted mining one (strike), we all stand to lose, Mr Nene said. He reiterated the government’s commitment to implementing the National Development Plan — South Africa’s economic growth and development framework that lays out strategies for achieving higher levels of economic growth and job creation. Although a weak economic growth environment put finances under pressure, the government remained committed to reducing the budget deficit and keeping to spending ceilings, with a particular focus on actually making sure that we reduce the cost of living and we reduce the cost of doing business, undo the bottlenecks and create an environment for business to really thrive
Posted on: Mon, 14 Jul 2014 06:16:54 +0000
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