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Discuss the role of Trade Unions. To what extend does the Participation of Labour Unions affect the South African Labour Market and the South African Economy

Discuss the role of Trade Unions. To what extend does the Participation of Labour Unions affect the South African Labour Market and the South African Economy

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Discuss the role of Trade Unions. To what extend does the Participation of Labour Unions affect the South African Labour Market and the South African Economy. 

 

Read the caption below and answer the questions that follow: A settlement with trade unions remains the best way forward for South Africa The country is between a rock and a hard place. By Seán Mfundza Muller 14 Nov 2020 00:46 Expenditure cuts require a political settlement that has failed to materialize under President Cyril Ramaphosa. Image: Getty Images South Africa's medium-term budget is supposed to provide an indication of how public finances will be managed over the next three years, but in the last decade it has largely served to illustrate persistent gaps between aspiration and reality. In part, this is because of limited economic growth and repeated shortfalls in tax revenue. The Covid-19 pandemic has led to a rapid worsening of the situation, as reflected in the debt to GDP ratio: a monetary measure of the broader national hopes that have been dashed over the same period. The cumulative result is that, unless economic growth experiences a miraculous resurgence, the country will need to implement large decreases in expenditure or increases in revenue to get debt under control. Critics argue that doing so will further harm growth, while proponents argue that the alternative – risking a possible debt default – is worse. Source: https://www.moneyweb.co.za/news/south-africa/a-settlement-with-trade-unions-remains- the-best-way-forward-for-south-africa-2/
Transcribed Image Text:Read the caption below and answer the questions that follow: A settlement with trade unions remains the best way forward for South Africa The country is between a rock and a hard place. By Seán Mfundza Muller 14 Nov 2020 00:46 Expenditure cuts require a political settlement that has failed to materialize under President Cyril Ramaphosa. Image: Getty Images South Africa's medium-term budget is supposed to provide an indication of how public finances will be managed over the next three years, but in the last decade it has largely served to illustrate persistent gaps between aspiration and reality. In part, this is because of limited economic growth and repeated shortfalls in tax revenue. The Covid-19 pandemic has led to a rapid worsening of the situation, as reflected in the debt to GDP ratio: a monetary measure of the broader national hopes that have been dashed over the same period. The cumulative result is that, unless economic growth experiences a miraculous resurgence, the country will need to implement large decreases in expenditure or increases in revenue to get debt under control. Critics argue that doing so will further harm growth, while proponents argue that the alternative – risking a possible debt default – is worse. Source: https://www.moneyweb.co.za/news/south-africa/a-settlement-with-trade-unions-remains- the-best-way-forward-for-south-africa-2/
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