Developing SA’s human capital to beat unemployment
THE longest upswing in the South African economy in the past three decades was when it grew at an average rate of 4% a year between 1998 and 2008. The 2008 global recession ended this 11-year growth period. The country hasn’t seen sustained periods of growth since.
Throughout, the country has suffered from persistently high levels and rates of unemployment. In the final quarter of 2020, unemployment rose to 7.23 million from 6.53 million and the unemployment rate increased from 30.8% to 32.5%. This meant that one out of three jobseekers was unemployed.
Most economists agree this is
