Photo by: Duane Daws
Tshwane’s economy is performing better than the country as a whole, Mayor Kgosientso Ramokgopa said on Thursday.
Following slow global growth in 2015, growth prospects across the globe remained subdued. The IMF had adjusted South Africa’s growth forecast down to 0.6%, down from its initial forecast of 0.7% in January, he said during his State of the City Address.
The country faced persistently high unemployment, low growth, and high inflation. However, the capital’s economic growth rate of 2.4% was considerably higher than the national average. Furthermore, Tshwane’s unemployment rate was approximately 21.2%, which was lower than the national average.
"This resilient and above-average economic performance enables Tshwane to contribute at least 27% to Gauteng's economy and over 9% to the national economy annually."
According to the city’s South African Metropolitan Better Life Index, Tshwane was the fastest-improving metro in the country. Its index value had shown the fastest growth between 2011 and 2015, he said.
The index looked beyond the limits of technical criteria and considered broader social and developmental indicators.
Taking into account public transport and digital connectivity, the city’s position within the index was "significantly altered" in relation to its peer metros, he said.
The city council would deliberate over its sustainable inclusive growth strategy and its implementation plan.
According to the strategy, the education sector could contribute an additional R37-billion to Tshwane's Gross Value Add (GVA) in 2030 and create an additional 160 000 jobs.
The agri-business sector had the potential to contribute an additional R24-billion and create an additional 120 000 jobs, and tourism an additional R28-billion and 70 000 jobs in 2030, he said.