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cosatuThe Star reports that labour federation Cosatu has dismissed the latest Gross Domestic Product (GDP) figures released by Statistics SA on Tuesday as meaningless.

Stats SA announced that the economy grew by 1.2% in the second quarter of the year, namely from March to June. The growth was mostly attributed to the relaxation of restrictions that hindered economic activity. Cosatu spokesperson Sizwe Pamla said the stats were just a sign of an economy that was trying to revive, but added that they were meaningless against the backdrop of the high unemployment rate in the country. “They don’t tell the real story, economies are about people. What should be our focus is an economy that caters for the people, it has to absorb the unemployed and increase the wages of those who are employed so that they participate meaningfully into the economy and not be dependent on the government,” Pamla said. Noting his concern that over 20 million people were getting social welfare grants from the state and that those who were working were struggling with their day to day bills, Pamla went on to say: “These figures don’t mean much for those who are without work. They don’t mean much for a worker whose wages are being frozen and sinking under the weight of debt and they don’t mean much for those who are dependent on a survivalist economy and people who sell to feed their families.” Economist Makwe Masilela advised that the country should expect poor results in the third quarter because of the looting that took place in Gauteng and KwaZulu-Natal in July.

  • Read the full original of the report in the above regard by Itumeleng Mafisa on page 2 of The Star of 8 September 2021

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