Ramaphosa’s economic recovery plan has strong focus on jobs

South Africans can expect a jobs-focused economic recovery plan when President Cyril Ramaphosa addresses a joint sitting of Parliament at 2 pm.

The stimulus aims to ensure unemployed South Africans find work in their local communities as jobs lost as a result of COVID-19 are restored in the medium term.

Ramaphosa is under increased pressure to come up with bold and decisive actions to revive a struggling economy.

Ramaphosa is focusing on four key areas as he tables his economic recovery plan.

This won’t be the first time he presents such a plan.

In April, Ramaphosa announced an R500 billion social relief package, which makes up about 10% of GDP.

But this time the president is set to focus on employment in both the private and public sectors.

Another priority is infrastructure investment and he’s already earmarked R100 billion over the next three years.

The security of energy supply will also feature prominently, with the introduction of an Eskom roadmap.

This will include a social compact on the state-owned power utility.

Ramaphosa is also touching on the re-industrialization of the manufacturing sector to stave off foreign imports and focus on local production.

-EWN

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