SA urgently needs reforms amid rising risks, says IMF

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Jopie Fourie

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The International Monetary Fund has urged more "decisive" reforms to boost private investment in South Africa, forecasting economic growth to remain sluggish for a sixth consecutive year in 2020.

The African continent's most industrialised country has been dogged by high and rising debt, low growth and record-high unemployment over the last decade.

"A more decisive approach to reform is urgently needed," an IMF team said at the end of their visit.

"Impediments to growth have to be removed, vulnerabilities addressed, and policy buffers rebuilt," it said.

"Expediting structural reform implementation is the only way to sustainably boost private investment and inclusion," it said.
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www.fin24.com

SA urgently needs reforms amid rising risks, says IMF | Fin24

The International Monetary Fund has urged more "decisive" reforms to boost private investment in South Africa, forecasting economic growth to remain sluggish for a sixth consecutive year in 2020.
www.fin24.com www.fin24.com
 
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vigras rojara

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ForceFate said:
You can't possibly be serious. Not even VF+ have that in mind when they call for scrapping of EE laws.
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He said in another thread that Eskom should be exempt from all labour laws. That would be great for them to be seen as an employer of choice and to attract talent.

But then we know he's a lunatic.
 
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Jopie Fourie

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ForceFate said:
You can't possibly be serious. Not even VF+ have that in mind when they call for scrapping of EE laws.
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Well, it all depends on how serious they are on saving the economy and the country. Currently, there is not a single political party, including the FF+, that is able to save it. At some point in time you just got to give or simply everyone will face the consequences.
 
NarrowBandFtw

NarrowBandFtw

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ForceFate said:
You can't possibly be serious. Not even VF+ have that in mind when they call for scrapping of EE laws.
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lumeer said:
Pre-1994, women didn't even get maternity leave.
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you realize that you do not need a law to enforce good labour practice right?

case in point, in the IT industry anyone who's been involved in recruiting knows how hard it is to hire top talent, they have their pick of offers more often than not

paternity leave is not in our labour law at all, nor is a free daily catered meal, and yet many companies are offering that to their employees

annual leave by law must be a minimum of 15 days a year, and yet I can't recall a single instance of being offered that number of leave days, it is always more

if an employer was abusive / sub-par in such a labour market they would find themselves without staff and closing shop pretty fast, no laws needed
 
NarrowBandFtw

NarrowBandFtw

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International Monetary Fund has urged more "decisive" reforms
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problem is the IMF says that and the ANC hears: "we must accelerate EWC and NHI, those are decisive reforms!"

besides, wtf does the IMF know anyway, Moody's says we're investment grade mofo!
 
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Techne

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Aahh, the IMF, lend money to countries they know won't be able to pay back, basically bankrupting them.
 
Urist

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NarrowBandFtw said:
problem is the IMF says that and the ANC hears: "we must accelerate EWC and NHI, those are decisive reforms!"

besides, wtf does the IMF know anyway, Moody's says we're investment grade mofo!
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They don't know the difference between reform and transform, which is ironic because it is one of their favourite words.
 
Acid0

Acid0

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Urist said:
They don't know the difference between reform and transform, which is ironic because it is one of their favourite words.
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They normally say stuff they have no idea what it means but it sounds good
 
lumeer

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BBSA said:
How is it governments business what leave a private business offers to a private citizen?
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Government has an ethical responsibility to promote human rights and to protect the vulnerable from exploitation.
 
lumeer

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NarrowBandFtw said:
you realize that you do not need a law to enforce good labour practice right?

case in point, in the IT industry anyone who's been involved in recruiting knows how hard it is to hire top talent, they have their pick of offers more often than not

paternity leave is not in our labour law at all, nor is a free daily catered meal, and yet many companies are offering that to their employees

annual leave by law must be a minimum of 15 days a year, and yet I can't recall a single instance of being offered that number of leave days, it is always more

if an employer was abusive / sub-par in such a labour market they would find themselves without staff and closing shop pretty fast, no laws needed
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In your part of the labour market, I'm sure that this is true, but it is not true for the millions of poorly skilled workers who would be completely exploited but for laws that protect them.
 
lumeer

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History shows that laws are needed to protect workers' rights. For example, Andrew Carnegie expected his workers to work for 364 days of the year, except on the 4th of July, and he'd fire them in a heartbeat if they gave him any hassle - or worse, for example, the Homestead Massacre.
 
BBSA

BBSA

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lumeer said:
Government has an ethical responsibility to promote human rights and to protect the vulnerable from exploitation.
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Who decided this, Mr Marx?

I'm sure the millions of unemployed people in South Africa are happy that they are not exploited.

If an unemployed wants to work without leave, is it ethical from the government to deny him that opportunity?
 
NarrowBandFtw

NarrowBandFtw

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lumeer said:
In your part of the labour market, I'm sure that this is true, but it is not true for the millions of poorly skilled workers who would be completely exploited but for laws that protect them.
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that's a problem as well, if you are so lowly skilled and your kind is so plentiful that employers can do whatever the hell they like ... then you need to gain skills to get into a role where you cannot be exploited

laws that force people to give completely unskilled workers the same benefits as highly skilled workers only serve to hide the root cause of the problem: too many unskilled workers

the answer would again be to get rid of government interference, so that the exploited get off their asses and get skilled up
 
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