Unemployment blight can be alleviated with the correct remedy – CHRIS HATTINGH
Stats SA recently announced South Africa’s unemployment rate has increased to 27.6%. The expanded rate increased to 38%, which translates to 9,994,000 unemployed people. It’s a wonder that SA’s unemployment rate isn’t above 45% at this point - SA’s jobless rate has not fallen below 20% since at least 2000. On top of that, GDP has not expanded by more than 2% per year since 2013. This was the first full quarter where the National Minimum Wage (NMW) has been applicable. With the huge public sector wage bill and the continued growth of government control and spending, we can expect the GDP to continue stagnating, and the unemployment numbers to continue rising.
There is much hope after the latest elections that President Ramaphosa will introduce sweeping, tough economic reforms which will boost economic growth. The optimists amongst us hope that he will streamline his cabinet and appoint new ministers to key departments. Such change will be only superficial - without questioning the role of government in general, it will not matter who is appointment to which position. For as long as those in government consider that government is best equipped to decide how people should live their lives, it will matter little who is actually in charge.
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Publish date: 16 May 2019
The views expressed in the article are the author’s and are not necessarily shared by the members of the Foundation.