Jobs blood­bath

Finweek English Edition - - Letters -

WHAT HAP­PENED

AS THE GLOBAL fi­nan­cial cri­sis be­gins to im­pact on SA’s econ­omy – un­til re­cently con­sid­ered rel­a­tively im­mune from the tur­moil – com­pa­nies are ex­pected to shed more jobs in ad­di­tion to the 70 000 since the beginning of 2008. With SA’s min­ing in­dus­try sin­gled out as the worst af­fected, an­a­lysts warned fall­ing com­mod­ity prices raised the pos­si­bil­ity of job cuts. BUSI­NESS RE­PORT, quot­ing Fi­nance Min­is­ter Trevor Manuel, said SA’s econ­omy had the fun­da­men­tals to weather the cri­sis, but SA com­pa­nies needed to be more com­pet­i­tive to carve out a niche in the stormy ex­port mar­ket. Busi­ness Day warned any shift in gov­ern­ment pol­icy would have grave con­se­quences on an oth­er­wise well-in­su­lated econ­omy.

WHAT OTH­ERS SAID

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