SA Faces Hard Choices On Labour Law – IMF

South Africa’s jobless rate is likely to remain high for a ‘considerable’ period and the economy’s growth rate needs to rise to six percent before there is large-scale job creation, says IMF

According to the International Monetary Fund (IMF), South Africa’s jobless rate is likely to remain high for a ‘considerable’ period and the economy’s growth rate needs to rise to six percent before there is large-scale job creation.

In its annual report, the IMF says South Africa suffered more from the global financial crisis than many other emerging markets, with its pace of job-shedding among the highest in the Group of 20 (G-20) countries.

The IMF further says that high wage growth through the recession seemed to have contributed to heavy job losses, suggesting that the ‘wage bargaining framework’ is not flexible enough.

To read the article titled, “SA faces hard choices on labour law — IMF report,” click here.

Source: 
Business Day

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