The Congress of South African Trade Unions (COSATU) has issued a statement urging the government to present a decisive Medium-Term Budget Policy Statement (MTBPS) on October 30, 2024. The labor federation emphasizes the urgent need for economic growth and job creation in light of South Africa's struggling economy, which is currently experiencing a mere 1% growth rate and an alarming 42.6% unemployment rate [7c1c2b9d].
COSATU's Parliamentary Coordinator, Matthew Parks, criticized the government's austerity measures, arguing that they exacerbate economic stagnation and hinder recovery efforts. The organization is calling for increased funding for infrastructure projects, industrial programs, and support for State-Owned Enterprises (SOEs) to stimulate economic activity and create jobs [7c1c2b9d].
In addition to addressing economic growth, COSATU has highlighted the urgent need for interventions in municipalities and public services, emphasizing the importance of providing relief to the poor and increasing job pathways for youth. The union's expectations reflect a broader concern among South Africans about the government's ability to manage public debt while simultaneously addressing the pressing needs of its citizens [7c1c2b9d].
As South Africa approaches the MTBPS, the discussions surrounding economic policy and budget allocations will be critical in shaping the country's recovery trajectory. COSATU's call for decisive action underscores the challenges facing the nation and the necessity for a comprehensive approach to economic revitalization [7c1c2b9d].