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Finance Minister Enoch Godongwana sounds warning over latest unemployment rate of 34.9

Cape Town - Finance Minister Enoch Godongwana has warned that the modern-day figures that unemployment has grown from 34.Four% to 34.Nine% show that the economic system is underneath strain and a restricted environment.

Finance Minister Enoch Godongwana during his Budget speech in October. Picture: Phando Jikelo/African News Agency (ANA) Archives

He instructed Parliament on Tuesday in the course of the adoption of the Budget that the economic system was going through a number of challenges and but was expected to grow.


He stated other than the modern day figures by way of Statistics South Africa of 34.Nine% unemployment price within the third area, the economic system nevertheless needed to deal with the fourth wave of Covid-19, which posed any other risk.


Its impact had not yet been felt, but it would be a major risk.


Godongwana stated they wanted to drag together to get the financial system out of the woods.


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“This debate takes location in opposition to the backdrop of most important monetary demanding situations facing our country. Statistics South Africa nowadays has discovered that unemployment continues to grow. We are sitting at approximately 34.9%. We are having this debate in a confined fiscal outlook.


“Coupled with these is the resurgence of the fourth wave of the Covid-19 pandemic. These are the challenges facing our country. The effects of this fourth wave from a fiscal attitude are unknown,” said Godongwana.


He stated they were trying to strike a sensitive balance to grow the financial system.


“That sensitive stability we're seeking to obtain is to save lives, guard the prone and grow this economic system so that we may want to make an impact on unemployment, poverty and inequality. We have were given to do all of this in a manner that is sustainable,” he stated.


He said this blanketed structural reforms within the economic system.


Once the government implemented structural reforms, it would kick-start the financial system, stated Godongwana.


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He also stuck to his guns on country-owned entities, pronouncing the authorities had pumped in billions of rand through the years, but not anything became finished.


He reiterated that there could be no bailouts for SOEs.


He said this became hard love and indicated a shift from how the authorities were coping with SOEs.


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Finance Minister Enoch Godongwana sounds warning over latest unemployment rate of 34.9% (iol.co.za)

Political Bureau

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Cape Town Enoch Godongwana Godongwana National Treasury South Africa

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