Since South Africa was hit with covid-19, the country's economy has been taking a serious hit, restrictions have been implemented in order to keep the nation safer, the same restrictions are affected small and big businesses, the lack of jobs being one the biggest problems. In this article, you will find reasons why the unemployment rate rose.
The unemployment rate rose
Since May of 2021, unemployment rose to reach a new record of 34,4% near 12 million jobs seekers, South Africa becoming one of the countries in the world with the highest unemployment rate. Statics show that the youth, between the age of 15 to 24 years old, that are seeking a job is 64,4% making a good part of the youth are postgraduate, that is not able to find a job in the current economy that we find ourselves.
The other sides effects caused by the pandemic throughout this year had put over 150 000 jobs at risk in different industries, along with the riots, looting, and unrest that took place in parts of Gauteng and KwaZulu-Natal - two key economic hubs - in July this year.
Another issue that has been around more than a decade now, is the difference in population growth versus economic growth, and the economic growth slowed, and the gap between them increase by 1,5% every year
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