Creating new cities is the way to drive SA’s socioeconomic growth
Structural economic reforms are a prerequisite for the recovery of the economy, anchored by urban development
SA continues to grapple with low economic growth, which has resulted in worsening levels of unemployment, poverty and inequality. Since the 2008/2009 global financial crisis, the World Bank reports that SA’s economic growth rates have generally been on a downward trend, with the exception of the relative recovery the country experienced from 2010 to 2013.
The Covid-19 pandemic has further worsened SA’s economic fortunes, with demand and supply shocks that have negatively affected the global economy. In 2020 alone, SA’s economy contracted at an unprecedented rate of 7.2%. The unemployment rate now stands at 32.5%, with young people being the most negatively affected. Many small and medium enterprises have had to close down, while the majority of those still in operation are facing dire circumstances...
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