The job markets are crippled by current economic growth

By Tom Head – August 22, 2017

Image Credits: Pixabay
Opportunities are few and far between for those aged 25 and under who are eligible to find work: A staggering two-thirds of our young workforce can’t find employment.

Figures collected by the Institute for Race Relations portray South Africa’s job market as a barren wasteland for the younger generation.

When casting the net out to those aged 35 and under, six million of that age-range are unemployed. The total amount of citizens without work is just over nine million, showing that younger workers have a tougher time securing a job.

Unemployment figures for South Africa

Just 43% of South Africans of ‘working age’ are currently employed. That figure is as low as 40.4% for the black population.
75% of people educated to a university level have work, whereas that figure plummets to just 50% for those educated to a matric level.
The unemployment rate for black people is up to five times higher than that of whites: Currently, 8.3 million of the 9.3 million unemployed citizens are black South Africans.
Youth Unemployment

Gabriela McKay is the IRR’s employment analyst and believes that job markets are being suffocated by the lack of economic growth. Job creation will be limited whilst the economy is struggling like it is now:

“We estimate that reducing South Africa’s unemployment to international norms will require doubling the number of people with a job over the next decade, which will require sustainable growth rates in excess of 6% of GDP.”

“Quite possibly, [there will be] job shedding across several industries. This will worsen the unemployment crisis and the political tensions that flow from South Africa’s high unemployment rate.”

Jobs for Black South Africans

It’s been a terrible year for the SA economy, falling into both a recession and junk status. The issue has remained largely unaddressed by the president, who has been more preoccupied fighting state capture allegations.

Whilst our black citizens and young workers suffer, South Africa remains governed by self-preservation and greed. It’s going to be a bumpy ride…

 

Unemployment crisis worsens as 67% of youths are without work – IRR