Unemployment vs. low growth rate
June 24 th, 2015
SA’s weak economic growth should speed up a little by 2020. However, it is not enough to decreasethe 25% unemployment which is expected remain above 25%. The International Monetary Fund said on Tuesday that SA continues to grow less than the other emerging markets. After the repeated strikes in the mining industry last year, the electricity supply has crippled businesses this year. Following the 1.5% growth in 2014, the Bretton Woods institution estimated that the country’s GDP will increase by a modest 2% this year, 2.1% in 2016 and 2.8% in the medium term. According to most economists, SA needs a sustainable growth rate of at least 5 to 7% to absorb the mass unemployment.
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