South Africa has highest unemployment rate in world
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[I'm sure that even these figures are understated. Jan]
14 May 2024
ActionSA is highly concerned about South Africa’s unemployment crisis, as for every 100 South Africans that entered the labour market this year, only six could get a job.
According to StatsSA, the number of unemployed South Africans surged by 330,000 to a record 8.2 million in the first quarter of 2024. The current unemployment crisis is disastrous. From 2014-2023, the unemployment rate rose from 25.1% to 32.4%, and the situation continues deteriorating. In Q1 2024, the official unemployment rate rose to a dismal 32.9%, while the broad unemployment rate (which includes disgruntled job seekers) increased to 41.9% in 2024.
The situation is much worse for young South Africans, with unemployment rising to 59.7% in Q1 2024. Therefore, for jobseekers aged 15-24 who are not enrolled at educational institutions and are actively looking for work, only four of every ten have jobs.
The ANC’s disastrous policies, unending load-shedding, corruption, and capital flight have strangled the South African economy, preventing it from growing and creating new jobs. From 2014-2023, economic growth averaged a meagre 0.76% a year, much weaker than our population growth rate of 1.15% during the same period. Simply put, under the ANC, South Africans are becoming poorer while water, electricity and jobs are growing scarcer.
Creating jobs is one of ActionSA’s main priorities in government. We will fund new infrastructure projects, reform the labour market, support entrepreneurs and businesses, and revitalise rural economies. In government, ActionSA will support local businesses in our townships against unfair competition from foreign nationals, keeping money within our communities and growing township wealth. ActionSA will champion a business-friendly competitive economy, attracting international investments and creating jobs.
ActionSA’s Inclusive Economic Empowerment (IEE) plan underscores our plans to revitalise the economy. IEE includes groundbreaking policy measures like the Opportunity Fund, a Universal Basic Income Stimulus (UBIS), and targeted employment equity measures. These policies will reform and grow South Africa’s economy from the bottom up – benefitting the whole country.
During the first five years in government, ActionSA plans will boost economic growth to 5% and create 4.8 million jobs by 2029, ushering in an era of high inclusive growth and economic prosperity in South Africa.
Issued by Pieter Scribante, Team FixSA Member: Economic Development, 15 May 2024
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