South Africans could be forgiven for thinking that the global financial crisis of a decade ago was back. In the first quarter, the economy shrank 3.2%, its biggest contraction since the days when subprime home loans in the United States pulled the rest of the world down with them. Then in the second quarter, the unemployment rate rose to 29%, its highest level since “The Great Recession”. And business confidence levels are also close to where they were a decade ago.
The expanded definition of unemployment, which includes those who have given up looking for a job, rose to 35.8% from 35%. Most economists reckon that figure may even be higher. But there was actually an increase of 62,000 jobs in that quarter. One way to look at this is that the hardship of Q1 lead to job losses in Q2 – South Africa’s labour legislation makes it difficult for employers to quickly cut staff, which is widely cited as one of the reasons for a reluctance to add to payrolls even when the economy is expanding decently.
Who is he asking ? The ANC ? Hell they won’t do shit !
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As long as unions continue striking for massive increases and trashing and burning property no sane investor will do business in SA especially with our final junk status looming. Unemployment will rise even further.
Join the EFF and ANC. Lots of jobs there.