The pledge aims to see 14 191 200 new jobs created over the next 15 years to coincide with the exact number of minutes the late Nelson Mandela spent in jail, and will also focus on creating sustainable jobs across all sectors of the economy.
Speaking at the briefing in Sandton, chief strategist at Investment Solutions, Chris Hart spoke of the significant impact unemployment and inequality have on the economy, and outlined the current unemployment rate in the country which the pledge aims to address.
“Since 2008, our economy has moved from one of job creation and growth, to one where the unemployment rate has increased, making South Africa one of the few emerging markets to see this happen,” he said.
He added that the economy was currently experiencing stagflation, a time of slow economic growth and relatively high unemployment – a time of stagnation – is accompanied by a rise in prices – or inflation.
Other crippling factors affecting the ceconomy, according to Hart, include parastatal funding where companies are wholly or partially owned by government. National health, nuclear energy and the public sector wage bill were also listed as other factors negatively affecting the economy.
Hart stressed that to turn the situation around, savings would need to be prioritised as they essentially fund economic growth. “We [also] need to make full employment a top priority in this country as the current policy is unsustainable,” he added.
Also present was Martin Humphries, founder of the movement, who encouraged citizens and businesses to play their part in job creation. “We appeal to businesses and individuals to stand behind our pledge because, too often, the focus is on talk shops rather than taking action and engaging with one another,” he said.
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