President Cyril Ramaphosa said the triple challenge of unemployment, poverty and inequality needs to be addressed in South Africa. And while millions remain unemployed, marginal gains in tackling unemployment were made as the unemployment rate declined.
Consumers should brace themselves for higher debt repayment after the South African Reserve Bank’s Monetary Policy Committee (MPC) announced a 50 basis point increase to the repo rate. This is also set to impact job creation in the country.
The economic and social consequences brought about by unemployment could negatively impact the growth of an entire country.
In the final months of 2021, South Africa’s unemployment rate rose to 35.3%, meaning that more than one in every three people living in the country are unemployed.
The unemployment rate in South Africa increased during the final months of 2022 painting a grim picture of the job losses experienced by the country's population.
Recent figures released by Statistics South Africa (StatsSA) have revealed that South Africa’s Growth Domestic Product (GDP) increased by 1,2% in the fourth quarter of 2021.
The combined effects of the pandemic, a weak economy, rising inflation and interest rates are resulting in more financial stress for many South Africans, which is taking an associated toll on their mental well-being.
From till-packer to owner of a supermarket in one of South Africa’s biggest retail networks, Shadreck Siziba’s business journey has taken him to the top of the class in the Small Business Academy (SBA) development programme for township entrepreneurs run by the University of Stellenbosch School (USB).
Statistics South Africa (StatsSA) have revealed that South Africa’s economy is still smaller than it was before the onset of the Covid-19 pandemic which was more than 20 months ago.
On Sunday President Cyril Ramphosa announced that a task team will be set up to determine if Covid-19 vaccinations need to be made mandatory.
It is official, the South African Reserve Bank’s Monetary Policy Committee (MPC) has decided to increase the repo by 25 basis points which will see the repo rate rise to 3.75% per year.
Of all the records South Africa holds, the most unwanted must be the fact that our unemployment rate is now the highest in the world. The official statistics say the unemployment rate, which includes people who have stopped looking for work, rose to 44.4% in the second quarter of 2021. The reality for our youth is even worse than that, with some estimates suggesting as many as three in every four young people are jobless.
The past year has been tough. People are struggling. Organisations are battling. And tensions are high. In July 2021 this boiling pot of frustration, stress and anxiety exploded, and South Africa faced extensive damage as looters swept across the country.
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