Partnering to achieve an inclusive and thriving economy

This blog post discusses the Economic Development Partnership (EDP) and its approach to fostering inclusive and sustainable economic growth in South Africa, with a focus on Local Economic Development (LED). The EDP emphasises the importance of collaborating across sectors to strengthen the systems that drive the economy, particularly by integrating both formal and informal sectors. It highlights the need for a shift in economic development strategies, moving away from narrow GDP-focused growth toward a more holistic, inclusive, and community-driven model.

The article outlines several key points:

• Inclusive economic growth: The need to prioritise inclusive growth that addresses inequality, poverty, and unemployment, particularly in marginalised communities.
• The informal economy's role: Acknowledging the significant contribution of the informal economy in providing livelihoods and economic opportunities, particularly for those excluded from the formal labour market.
• Collaboration for development: The EDP's role as an intermediary that facilitates partnerships between government, private sector, and communities to overcome barriers to economic participation.
• Systems approach: Advocating for a systems-based approach to economic development that goes beyond traditional models and focuses on empowering local communities, especially those marginalised by historical inequality.
   

Through various projects, such as those aimed at connecting small businesses with public sector initiatives (e.g., in the waste management sector), the EDP works to unlock opportunities and create sustainable economic growth, all while promoting a bottom-up, community-driven approach to development.

 

Abstract based on original source.