The shocking unemployment is Ramaphosa’s problem to fix
“Unemployment is soaring. Even using a narrow definition, it stands at 26.4%, the highest since 2003.”, London’s The Economist wrote in 2015 when it covered South Africa’s economic mess. The economic mess that is still alive today.
This week, Statistics South Africa released unemployment numbers for the first quarter of 2019; and they were disheartening. The percentage of the unemployed continues to rise and is now at 27.6%.
Because of this consistent, shocking joblessness, South Africa ranked 3rd in Bloomberg’s Misery Index in 2018. According to Bloomberg, “The Bloomberg Misery Index relies on the age-old concept that low inflation and unemployment generally illustrate how good an economy’s residents should feel”.
This index is by no means a perfect measure – but it does give a rough idea of the seriousness of South Africa’s unemployment crises.
To understand how massive our unemployment is, compare it to other BRICS countries: Brazil, Russia, India and China. Brazil’s unemployment is 13%, Russia’s is 6%, India’s is 7.6%, and China’s is 5%. These are unemployment numbers we know about these countries. And the difference between theirs and ours is really embarrassing.