S. African president vows to reignite growth

South Africans are working together to reignite growth so as to save existing jobs and create new ones, President Jacob Zuma said on Wednesday.

"We are working hard to boost the performance of sectors such as mining, agriculture, infrastructure and manufacturing, amongst others, in order to save and create jobs," Zuma said at the World Trade Unions Congress in Durban.

He said the congress takes place during a difficult period in the global economy, which remains sluggish.

If South Africa gets one percent growth next year as envisaged, this will create over 80,000 jobs, and three percent economic growth can create over 300,000 thousand jobs, said Zuma.

"Ultimately, we want to raise the level of growth to the five percent stated in our National Development Plan in years to come," added the president.

Managing the domestic environment is the responsibility not only of government but also the responsibility of labour and business, he said.

Zuma said global inequality and economic exclusion have become a serious threat to global peace, stability and economic development.

"All possible solutions must be found to close the gap, and to do so, requires resources," he said. "We therefore wish to voice our serious concerns about the loss of resources of the continent through illicit financial flows."

A joint African Union and UN Economic Commission for Africa report estimates that illicit financial flows from Africa could be about 50 U.S. billion dollars per annum. Enditem