Pretoria - The Deputy CEO of Business Unity South Africa (Busa) has encouraged the country to find ways to achieve consensus around economic policy changes to help it weather negative global factors.
"The fact that South Africa is engaged in the New Growth Path process at present is of help in defining current and future responses to the latest global economic crisis," said Raymond Parsons, Deputy CEO of Busa.
He was speaking at the Afrikaanse Handelsinstituut Annual Congress on Friday.
Parsons said although South Africa would not escape the impacts of the recent turn of events in the global economy, it "still had a margin of resilience" because it is an emerging economy.
He added that if the New Growth Path and other policies seek to grow the South African economy, the approach needed to sustain the present economic recovery from 2008's recession.
Unemployment, he said, was South Africa's "most pressing socio-economic problem".
"If we want to stem current job losses as well as lay foundations for future job creation in SA, then we must concentrate largely on the factors which can make a difference locally, rather than agitate endlessly about overseas trends over which we can exercise little influence. The
Medium Term Expenditure Budgetary Framework next month should reinforce this message," he explained.
He said given the uncertainties in the global economy, it remained essential for emerging markets like South Africa to be able to devise flexible responses so as to address the cyclical and structural challenges that exist.
"For this, a 'growth plan' provided a useful framework and focus for what to do next."
Key global policymakers also needed to see what elements of hope could be discerned amidst the "doom and gloom" as well as offer strong leadership. - BuaNews
