Business Unity South Africa (BUSA) is cautiously optimistic with regards to the economic and business outlook for South Africa in the year ahead.
Despite the fact that financial and economic recovery this past year appears to have been moderate, and is also almost certainly going to fall short of the 3% expected growth rate, in spite of this it looks like the future economic prospects for South Africa local economy in 2011 are much better according to BUSA President Futhi Mtoba.
She has forcasted that South Africa’s overall economy could quite possibly expand by 3.5 percent to 4 percent the coming year, sparked by healthier growth forecasts and predictions for the global economic system, in combination with optimistic local economic trends and development.
According to BUSA, interest rates are most likely going to continue to be low for the majority of 2011.
Even though unemployment will continue to be high, BUSA hopes and anticipates that next year will see the introduction of new net employment creation, albeit on a small scale. Overall, BUSA is convinced the SA economy and climate will most likely be more robust, more prominent and better next year.
BUSA also commented that the debate and discussions regarding the New Growth Path appeared to be an outstanding opportunity and chance for local business and organisations to be able to contribute to and give rise to the vision as well as its implementation.
Regardless of what ambitious higher growth path SA ultimately sets for itself, unfortunately it will never be attainable unless we are able to better address the gaps recognized in our economic performance and system. It is a collective problem, predicament and challenge.
In addition, in order to achieve the expected growth rate, each and every sector will, in addition, need to take responsibility for its function in our society in these modern times and be held accountable for their actions. The debate and discussions, which will eventually take place in Nedlac and elsewhere on the government’s proposals and recommendations for a higher all inclusive job rich growth and development path for SA, should be informed by cogent along with relevant economic and financial realities.
Source: BuaNews, agbiz.co.za