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Marcus: SA must stabilise labour relations

Reserve Bank Governor Gill Marcus has blamed a range of issues for SA’s slow growth.

Reserve Bank Governor Gill Marcus. Picture: EWN

JOHANNESBURG - Reserve Bank Governor Gill Marcus says South Africa requires clear action to stabilise labour relations which have created a difficult export environment.

Marcus told the Bureau for Economic Research Conference on Monetary Policy in Sandton on Thursday morning that the global crisis in the financial market and unrest in the mining sector has led to short term vulnerability in the country's economy.

She says the recent slow growth in the economy has been caused by structural challenges.

"The dismal growth performance mask layers of deep rooted structural problems which manifest themselves in high levels of unemployment and massive inequalities."

Marcus explains where these challenges stem from.

"These in turn are caused by week competitiveness of poor skills profile and an educational system that in parts is dysfunctional, law domestic savings, low investment, uncompetitive product and labour markets and space for distortions."

The Rand appears to have gained slightly against the dollar after Marcus's address.

It is exactly a week since it fell to a four year low against the US currency slipping past the R10 to the dollar mark following President Jacob Zuma's speech meant to boost investor confidence. It is currently at around R9.96 to the dollar.