3% economic growth will not solve SA’s high unemployment issue
South Africa’s business-government partnership has set a target of 3% economic growth by 2030 for phase three, but reaching it will not be a silver bullet for the country’s unemployment crisis.
However, when growth is too weak, the economy may only create enough jobs to absorb new entrants to the labour market, rather than significantly reducing the existing pool of unemployed people.
If economic growth is around 3%, as the partnership desires, the country could potentially create enough jobs to absorb new entrants to the labour market.
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