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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Job creation and economic growth
Author:Loots, ElsabéISNI
Periodical:South African Journal of Economics
Geographic term:South Africa
economic development
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1813-6982.1998.tb01256.x/pdf
Abstract:One of the biggest economic and social dilemmas facing South Africa today is the high level of unemployment. The official macroeconomic strategy - the Growth, Employment and Redistribution (GEAR) strategy - states that South Africa needs a competitive, fast-growing economy which will create sufficient employment opportunities for all workseekers in a growing labour force. In terms of this strategy an economic growth rate of 6 percent per annum and the creation of 400,000 employment opportunities by the year 2000 are envisaged. The aim of this article is to establish whether or not these goals are attainable. The article first discusses the nature and extent of unemployment in South Africa. Then it analyses the ability of (high-quality) economic growth to create employment opportunities in the country. It is evident that economic growth on its own does not contribute to the creation of new job opportunities. The jobs being created in high-skilled sectors, the public sector and the informal sector are marginal compared with the employment opportunities lost in the low and semiskilled sectors of the economy. New approaches are needed to expand employment in order for the broader population to participate in growth and benefit from it. Bibliogr., note.