Today's Labour News

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imfFin24 reports that according to the International Monetary Fund (IMF), SA's unemployment rate is projected to rise to 33.5% this year and worsen to 33.9% in 2025.

The unemployment rate was 32.1% in the fourth quarter of last year, according to the most recent data from Statistics SA. The figures showed there were 7.9 million people without jobs and that almost one in every two South Africans younger than 35 was unemployed. This despite the ANC's promises and plans ahead of elections in 2019 to make job creation its biggest priority. The governing party has made the same promise in its current election manifesto. While growth in employment and incomes held steady in many of the countries covered by the IMF report, SA was an outlier. The country's real per capita output is predicted to shrink from 0.9% last year to 0.6% this year and 0.3% next year. The IMF expects SA's annual consumer inflation to average 4.9% in 2024. Its gross domestic product (GDP) forecasts for SA are lower than those of National Treasury and the SA reserve Bank, both of which estimate economic growth at more than 1% in 2024. But, the IMF sees real GDP at 0.9% this year, versus 0.6% last year, and 1.2% in 2025.

  • Read the full original of the report in the above regard by Renée Bonorchis at Fin24

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