Social partners will soon present a Social Compact on Economic Recovery to president Ramaphosa following discussions at the National Economic Development and Labour Council.
The presidency announced this in a statement on the decline in gross domestic product.
President Ramaphosa has called for a national effort to rebuild the economy.
The presidency added that the “social compact identifies areas of convergence, and provides a basis for joint action by all partners”.
GDP for the second quarter of 2020 contracted by 51% on an annualised basis.
Another process underway to support economic recovery includes the finalization of the Economic Recovery Strategy that will “draw on this social compact and outline a clear, action-oriented plan to stimulate economic growth and enable a rapid rebound”.
“This strategy will include fast-tracking urgent structural reforms, expanding employment programmes, facilitating large-scale investment in infrastructure projects, and implementing measures to promote localisation and enhance regional and continental trade.”
The presidency also indicated that the Presidential Employment Stimulus will get underway within the next month designed to expand opportunities through public and social employment to counteract job losses.
Further announcements will be made in due course.
President Ramaphosa called on “all sectors of society to act with unity and purpose to rebuild the economy for the benefit of all South Africans”.
He added that the country “cannot continue with business as usual. We will use this moment of crisis to build a new economy, and unleash South Africa’s true potential.”