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South Africa aims for a 6% economic growth boost through port & rail revitalization

South Africa aims for a 6% economic growth boost through port & rail revitalization

Posted on December 18, 2023   |  

South Africa's government and business community are teaming up to enhance economic growth by up to 6% through the repair of failing ports and the freight-rail network.

The National Treasury of South Africa predicts a 1% growth in the gross domestic product for the upcoming year.

To tackle issues hampering the economy, major companies and the government have formed joint panels. 

These issues include power cuts, inefficient rail networks, rising crime, and challenges in the work visa application process.

A decline in coal and iron-ore shipments on the freight-rail network, reaching 30-year and decade lows respectively, is causing companies like Glencore to contemplate job cuts.

Port congestion is leading to delays in ship loading and unloading, forcing certain fashion retailers to opt for air freight to transport their apparel.



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