The South African private sector should accelerate investment to help the volatile economy out of trouble, a government official said on Saturday.

South African Minister of Finance Pravin Gordhan made the remark at the Durban business forum, the South African Broadcasting Corporation reported on Saturday.

Noting that the global economy might take longer time to recover, the official said that South Africa's economy could no longer wait for the globe economic stability.

"The global economy will continue to grow at below-trend rate this year, weighed by modest recovery in mature markets and gradual slowdown in major emerging markets," a US economist said in July.

With the export becoming the main driver behind the economic growth in South Africa, its economic development has been negatively impacted by the global economic slowdown.

The GDP in the first quarter in 2013 was only 0.9 percent, and rose to three percent in the second quarter, according to the Statistics South Africa.

As for the GDP in the third quarter in South Africa, some economists believed that it remains quite uncertain due to the continuing challenges at home and abroad.

In South Africa, the private sector is a very important part to promote the economic growth, while the public investment remains the principal force in the economic development.

Encouraging more private investment in stabilizing the economy, Gordhan said, "Private sector investment is key to accelerating growth and employment."

"We have our own destiny in our hands, we have to do something for our own economy," he stressed.

He also highlighted the joint efforts by the public and private sectors. "What we need is a symbiotic relationship between the government and business which focuses on the national development plan," he said.