The Quarterly Labour Force Survey (QLFS) for the fourth quarter of 2021 proves that the Western Cape continues to be the country’s centre of jobs, with the province’s expanded unemployment levels being 15.8 percentage points lower than the national average of 46.2%.
This is a remarkable achievement and is further backed by the fact that the Western Cape’s absorption rate is South Africa’s highest at 46.6%, meaning there are more employed working-age residents in the province than anywhere else. However, these results must be contextualised in the ongoing socio-economic conditions in South Africa and that for any real growth to be achieved, the national government must implement drastic recourse action.
As the DA in Western Cape, we know that the Recovery Plan remains the foundation of our province’s ability to navigate the post-Covid economy, and we see the dividends being yielded as:
- The Western Cape’s Business Confidence Index (BCI) has recovered by 40 index points since the second quarter of 2020.
- Despite the global and domestic climate, the Saldanha Industrial Development Zone (IDZ) will still create 1 000 jobs by the end of the current financial year.
- The Atlantis Special Economic Zone (SEZ) is now a listed Schedule 3D entity. This means it can now launch its build programmes, which will result in R150 million of investment and 235 direct jobs.
- Wesgro has facilitated R5.780 billion of committed investment and 4 203 jobs from investors in 2021/22. Additionally, 49 trade agreements were signed at the value of R958.8 million and could create 236 jobs in the process.
- In the 2022/23 financial year, R101 million is allocated towards supporting Wesgro’s export growth, trade and investment initiatives.
MPP Gillion Bosman says: “Even though the past two years of the pandemic have placed immense pressures on both the global and domestic economy, we are confident that the Western Cape has the strong foundations for a strong recovery. The next financial year holds the potential for residents to experience greater job growth and have their dignity furthered.”