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Mboweni says SA needs to come to terms with structural economic changes

5th April 2013

By: Natalie Greve

Creamer Media Contributing Editor Online

  

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The declining share of the primary and secondary sectors of the economy and the incumbent rise of the tertiary sector as a major contributor to the country’s gross domestic product had worsened economic conditions for South Africa, former South African Reserve Bank governer Tito Mboweni said during a recent address held to coincide with the launch of the fourth edition of the Coega Development Corporation’s Perspectives journal.

“There are no jobs. There has been a substantial change in the nature of the South African economy that we must accept and deal with,” he said.

While acknowledging that significant development outcomes had been achieved since 1994, he noted that certain economic and national challenges had worsened, and called for renewed national attention on issues including corruption, employment and capital.

Most urgent, he advocated, was the need for State and civil recommitment to education.

“Therein lies our problem – the skills required for the tertiary sector are not found among our people. “Our education system is not producing, in the required numbers, the skills set needed for this bigger slice of the eco- nomy,” he said.

Edited by Creamer Media Reporter

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