Social dialogue and economics

By Staff Writer

Compare banks and save with Justmoney

Social dialogue and economics

The National Economic Development and Labour Council (NEDLAC) recently held their annual summit in Pretoria.

The President, Kgalema Motlanthe, addressed them on Tuesday. His theme was one of social dialogue in the context of the global crisis, and he has 'no doubt' that the government will bring a new set of social agendas to the table after the next election.

The President also touched on areas where we will need to grow and further develop as a nation. The Mail and Guardian looked at his speech and clipped the most relevant points on what our President is thinking in terms of social dialogue and how the country can be bettered for all who live in it. IOL reporting on NEDLAC noted that the President warned 'that ignoring unemployment and job insecurity will compound the country's social problems and retard the growth of the economy'. iAfrica also covered the story and noted that the financial crisis was of 'monumental proportions [and] has important lessons for us all'.

Outside of NEDLAC the business world was moving on, with new statistics showing that the car industry is really starting to feel the effects of the crisis.

Business Times comes in with the shocker of a headline 'Vehicle sales drop 28.3% year-on-year'. This figure was calculated by the National Association of Automobile Manufacturers of South Africa (NAAMSA).

In November 2008 sales of new cars stood at 20 128, just a year ago in November 2007 29 338 new cars were sold this represents a fall of 31.4% month on month. A shocking figure.

The Times reports that General Motors South Africa has committed to no retrenchments in 2009, but with the global car industry as much in danger as the global economy, lets rather hope that people don't lose their jobs, because anything could happen. The Mail and Guardian also looked at these figures, as did the Dispatch, who looked at in terms of the fact that car dealerships across the country are closing down due to the economic situation with around five percent of all dealership expected to have failed by the end of this year.

The effects of the global crash are manifesting themselves here away from the banks but the big picture is that they will affect everyone and everything eventually. Elliot Wave international is a research company that does deep analysis of the markets. The Elliot Wave is a way of predicting long term cyclical trends in the economy and they reckon that this crash will be worse than 1929 and point to us entering a period characterised  by a 'Grand Supercycle' wave that threatens to sweep away everything in its path. So batten down those hatches, get your self a savings account, consolidate your debt and hang on tight.     

Recent Articles

Featured Debt consolidation – Explained

Dealing with debt can be daunting. If you’re struggling to keep track of which store account to pay next and weighing up which credit card is more important to settle first, you may have considered debt consolation. At Justmoney, we’ve decided to get down to the basics and explain what this entails and what impact you can anticipate on your credit score.  

Read more

3 Vehicle financing options compared – which is cheaper?

Buying a car is a considered a milestone, both in life and financially. Unless you’re able to fork out the cash, many opt for financing. But often the excitement to drive it off the showroom floor overshadows the need to check if you’re choosing the most-suited option. To help you make the best-informed decision we compare available vehicle financing structures in South Africa.

Read more

Splitwise: Split the bill not the friendship

Collecting your friends’ debt to you can be draining. You don’t want to ruin your friendship with them, and it can also be extremely awkward. I don’t know how many times I have written, deleted, and rephrased texts, reminding people to pay what is due to me.

Read more

Stokvel-friendly accounts – which one is fair?

The stokvel economy is approximately worth R49 billion in South Africa. This is according to the National Stokvel Association of South Africa (Nasasa). Altogether 24% of these stokvels are in Gauteng, while only 6% are in the Western Cape.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Save with 10X investments

Price: Free
When: Until 30 June
Where: Online

Sanlam Cumulus Investment Plan Limited Offer

Price: From R2,500
When: Limited Period
Where: Nationwide

Roman's Pizza Special-Single Large Pizza

Price: R69.90
When: Until 31 July
Where: Nationwide