Tag: economic growth

Collaboration between government and business is vital to realising economic growth. Government should set up a conducive environment for businesses to operate while businesses ensure that they help grow the economy and employ citizens. This partnership must ensure that socio-economic goals are also met for the benefit of citizens.

Internationally, 75% of startups consider partnerships with corporates critically important to their success, with a further 63% anticipating that these relationships will gain even greater importance in the future. In South Africa, however, corporates’ support for entrepreneurs is lacking and must be urgently remedied by the country’s businesses.

As artificial intelligence (AI) continues to supercharge every aspect of business and society, South Africa stands at a critical juncture. Rather than fearing job displacement, we can harness AI to drive widespread growth and prosperity. By fostering local innovation, investing in AI education, and creating a conducive regulatory environment, we can empower citizens and businesses alike.

Small and Medium Enterprises are the cornerstone of the global economy. The 2024 United Nations General Assembly designated June 27 as "Micro, Small, and Medium-sized Enterprises (MSMEs) Day" to raise awareness of their contributions toward achieving the United Nations Sustainable Development Goals (SDGs) - specifically SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation, and infrastructure).

Rural regions face a double-edged sword: a lack of skilled labour and a constant exodus of talent to urban areas. These challenges are further compounded by limited access to educational and training opportunities, hindering the development of a skilled local workforce, which in turn has a negative impact on economic growth.

Never Give Up on Success is the go-to resource for anyone wanting to change their life. We are all the products of our physical environment. Who we are and what we stand for is largely a result of our environment. Human beings are a composition of our genes, social upbringing, culture, traditions, beliefs and values of our society.

In South Africa, businesses are required to contribute to the social and economic development (SED) by the Broad-Based Black Economic Empowerment (B-BBEE) Act of 2003. This legislation stipulates the assessment of SED performance through a scorecard covering enterprise development, skills training, job creation, socio-economic projects, and preferential procurement.

In the heart of South Africa's vibrant township economy, valued at an estimated R750 billion, a transformative shift is taking place. Small to medium-sized businesses are flourishing as the adoption of cashless transactions grows. Despite the widespread availability of banking services, with eight out of ten South African adults having a bank account, cash remains the dominant form of payment.

The agriculture sector is vital for economic growth. It contributes 3% to GDP, supports 941,000 jobs, and generated US$13.2 billion in export revenue in 2023 – South Africa produces 10% of the global citrus production. But climate-induced changing weather patterns threaten the outlook for certain crop yields in 2024.

The rise of financial technology (fintech) in Africa is not just a story of innovation; it's a narrative about empowerment and transformation. As the continent continues to grapple with the challenges of limited access to traditional banking services, fintech has emerged as a beacon of hope, offering a path towards financial inclusion and economic growth.