Cosatu: Latest GDP numbers 'a wake-up call'
The Congress of South African Trade Unions says it isn't shocked by the news that the economy's tumbled below pre-pandemic levels.
Stats SA revealed our economy shrank 1.3 percent in the last three months of 2022 as record power outages hit business activity.
Cosatu's Sizwe Pamla says the news came as no surprise.
He says load shedding, fuel price and interest rate hikes, as well as budget cuts have all burdened the economy over the last few months.
READ: SA's economy shrinks to below pre-pandemic levels: Stats SA
But he says the latest GDP numbers should serve as a wake-up call for the country.
"What we would like to see is a government that is going to promote investment in rural areas and townships. There is also a need to reduce the red tape and improve coordination between government agencies and departments that are supposed to help small and medium enterprises.
"We need a strong developmental state to take the lead in growing the economy and taking this country forward."
