* Central bank: may need to revisit growth outlook
* More than 70 miners arrested in clashes
* Zuma calls meeting on economy
By David Dolan
JOHANNESBURG, Oct 14 (Reuters) – Two months of crippling
labour turmoil are likely to force South Africa to look again at
its economic growth forecasts, the central bank’s deputy
governor said on Sunday.
Wildcat strikes that started in the platinum mines have left
more than 50 people dead and spilled to other industries,
undermining investor confidence in Africa’s biggest economy and
tarnishing President Jacob Zuma’s government.
More than 70 miners were arrested after clashes with police
over the weekend and workers at Anglo American Platinum
pledged to press on with their wildcat strike even after the
company dismissed thousands of strikers.
“Growth forecasts will most likely need to be revisited,”
Reserve Bank Deputy Governor Daniel Mminele said in a speech to
a JP Morgan investor seminar in Tokyo that was posted on the
central bank’s website.
The Reserve Bank’s latest economic growth forecasts were for
an average 2.6 percent this year and 3.4 percent next – still
far short of the rate South Africa reckons it needs to cut
unemployment accounting for a quarter of the labour force.
Continued…
