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Addressing poor labour market outcomes for youth will require measures to boost job creation, increase employability through better education and training, promote entrepreneurship, improve job quality, and strengthen social protection.
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South Africa conducted a comprehensive review of its state-owned enterprise sector in 2012, initiated at the request of the Presidency. Implementation of the review’s recommendations is now of critical importance and can be supported by adopting international best practices.
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There is scope to further improve South Africa’s investment climate. Investors cite concerns such as frequent policy changes, uncertainty of regulation, and corruption as limiting factors. In addition, recent electricity shortages are likely to be weighing on private investment.
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South Africa has made impressive progress in improving access to education, but persistent inequities and poor education quality lead to low education outcomes.
In 2014 South Africa’s growth continued to slow down, recording only 1.5%, the weakest performance since the global financial crisis. The nation’s economy was affected by its most protracted industrial action since the end of apartheid and significantly weak demand from trading partners.
The social progress South Africa has made over the past two decades is impressive. The transition to democracy has of course been a defining feature, and successive governments have implemented policies to increase well-being. The expansion of social grants has lifted many South Africans out of absolute poverty. This progress has been underpinned by a sound framework for macroeconomic policy.
South Africa has made impressive social progress over the past two decades, lifting millions of people out of poverty and broadening access to essential services like water, electricity and sanitation.
Des progrès sociaux considérables ont été accomplis ces vingt dernières années. Mais la croissance n’a pas été assez inclusive car l’emploi ne progresse pas suffisamment. Les politiques macroéconomiques permettent de stabiliser l’inflation et la dette publique. S’attaquer aux problèmes d’infrastructure et améliorer la réglementation des entreprises stimulerait la création d’emplois.
The Secretary-General was in Pretoria to present the 2015 OECD Economic Survey of South Africa and hold meetings with several high-level officials. He also participated in a meeting on the OECD’s New Approaches to Economic Challenges (NAEC) initiative.
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As in the OECD area, labour market conditions are gradually improving in South Africa, but much more progress is required to tackle a number of structural weaknesses. The unemployment rate still remains above its pre-crisis level and more than three and half times higher than the OECD average.