05 Mar

UASA Media Release: 5 March 2024

Statement by Abigail Moyo, spokesperson of the trade union UASA:

While last year’s fourth quarter gross domestic product (GDP) growth of 0.1% pulled us out of a technical recession is substantial news, UASA is deeply concerned about our economic state relying on Eskom’s improvement to pull through.

According to StatsSA earlier today, the annual increase in real GDP of 0.6% in 2023 was led by higher economic activities in finance, real estate and business services; transport, storage and communication; personal services; and manufacturing.

While we remain hopeful for improved economic development and growth to sustain our GDP, UASA firmly reminds the government of the crucial need to tackle the energy crisis. We stand on the verge of economic disruption without sustainable access to a stable energy supply.

Following economic trends across the board, UASA is also concerned about the progress of our economic sectors.

Last year proved challenging for consumers, and 2024 is sketchy. A few months into the year, load shedding at variable levels is still with us, the unemployment rate remains high, real interest rates remain high, inflation and fuel price hikes are walloping workers, and political uncertainty awaits us ahead of the general elections.

The SA Reserve Bank’s GDP growth forecast for 2024 and 2025 of 1.2% and 1.3% will provide little hope for the millions of unemployed South Africans as the economic sphere remains gloomy. UASA expects the government to be practical and solution-driven to restore our economy.

Job creation and manufacturing must be prioritised. We cannot afford further economic shrinkage.

For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162.

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