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Daily Briefing: South Africa to Boost Economy with $60bn Investment Plan, Promises 800,000 Jobs

The South Africa’s President, Cyril Ramaphosa said that government is determined to create jobs for both those South Africans who lost their jobs during the coronavirus lockdown as well as those who did not have jobs before the pandemic.

South Africa will embark on a major public works and job-creation drive in response to the coronavirus crisis, President Cyril Ramaphosa said on Thursday, unveiling a plan to return Africa’s most industrialised economy to growth.

The Impact of Manufacturing on South African Economy

The programme is expected to create 800,000 jobs and unlock more than one trillion Rand ($60bn) in investment over the next four years. In South Africa, the pandemic has caused great hardship and suffering.

Ramaphosa, delivering an economic recovery plan to parliament, also announced more than $5.9 billion for infrastructure projects over the next 10 years to stimulate the economy and create jobs, many of which were lost during the country’s strict lockdown. The national lockdown in April had a significant impact on economic activity.

The president said that the objectives of the an ambitious plan are to:

  • Create jobs through infrastructure development and mass employment programmes;
  • Reindustrialise the economy – focusing on small businesses and strengthening medium and large businesses;
  • Accelerate economic forms, investment and growth;
  • Fight crime and corruption;
  • Improve the capability of the state.

Since South Africa’s first recorded case, more than 18,000 people have been confirmed to have died from COVID-19. The country has over 700,000 confirmed cases. At present, 90% of those infected have recovered.

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As a result of the measures government took to delay transmission and to prepare our health facilities, South Africa was able to withstand the massive surge of infections in the middle of July. At that time, new cases were being detected at an average rate of 500 an hour.

 

 

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