THE Democratic Alliance (DA) in eThekwini is deeply concerned about the state of the local economy.
According to Councillor Nicole Graham, a presentation to the eThekwini Council’s Economic Development and Planning Committee has revealed that the city’s economic growth is projected at a mere 0.4 per cent for 2017. This is down from 1.1 per cent in 2016.
She said over the last five years, economic growth has steadily declined in Durban. A 3.8 per cent growth was experienced in 2010, down to a projected 0.4 per cent for the current year. The city has also moved to fourth place in the ranking of the economic power of the major cities, moving behind the DA-led Tshwane Municipality.
“DA municipalities are clearly showing that clean governments with a focus on attracting investment can create jobs for ordinary people. Employment absorption stands at 49 per cent, which means residents of eThekwini are more likely to be unemployed than to have a job,” she said.
Graham said poor governance and rampant city corruption had destroyed investor confidence, with big businesses and foreign investors looking elsewhere when wanting to invest.
“This result to a stagnant economic growth and high rates of unemployment, is making life difficult for ordinary eThekwini residents. The vast majority of the budget for the city’s Economic Development cluster is spent on events,” said Graham.
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