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Reuters reports that Finance Minister Pravin Gordhan said on Tuesday he was concerned about South Africa's volatile labour market, which has been plagued by strikes and above inflation wage demands despite a barely growing economy.
Gordhan told a bankers conference that he was, however, happy that the situation seemed to be stabilising. Wage negotiations are taking place in the power, automotive and platinum mining sectors, with initial demands ranging from 13% to 20%, while consumer inflation stands at 6.3%. Gordhan also predicted that SA’s economy will avoid a recession in 2016, even though it remains in a low growth trap and is likely to see economic expansion forecasts revised lower. The SA Reserve Bank last week cut its growth forecast to zero percent for 2016.
- A short report is at SABC News
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