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Address by Lesetja Kganyago, Governor of the South African Reserve Bank, at the Labour Law Conference, Johannesburg, 24 August 2016
Published Date:
2016-08-24
Last Modified Date:
2023-11-14, 11:40 AM
Category:
Speeches > Speeches by Governors
Thank you for inviting me here today to address this forum.
South Africa is suffering from a combination of stagnant economic growth and rising inflation. The economy contracted in the first quarter of the year, and although the second quarter looks considerably better, we expect no growth in 2016 overall – which compares unfavourably to the 1,3 per cent achieved in 2015 or the 3 per cent average since 1994. Furthermore, for the first time since the global financial crisis, we expect to lose jobs this year, on a net basis.