How can business contribute towards economic growth and development in South Africa
Answers
Answer:
Explanation:
The underlying pace of expansion of national income – known by economists as the trend rate of growth – is held back by a number of key features: Tourism, banking and finance, some parts of mining and farming doing well Slower growth in many informal urban industries, traditional manufacturing and many parts of South African farming
Both can and do contribute to economic growth. 2. Providing employment opportunities. New businesses need to hire employees. They create jobs and these economic opportunities uplift and support communities through increasing the quality of life and overall standard of living. 3. Commerce and regional economic integration.
South Africa is experiencing de-industrialisation – a falling share of industrial output and jobs as a share of total economic wealth. South African growth is not slow by the standard of the growth record of many Euro Zone countries in recent years.
South Africa appears to be struggling to raise her annual growth rate towards the 5% or 6% mark that most economists regard as crucial to make faster progress towards MDG goals and to address the chronic problem of very high structural unemployment in the economy.