South Africa's unemployment rate is currently the highest it's been since 2017, according to Stats SA. While the news comes as a shock to some, economist Goolam Balim says this was to be expected.
While it is common knowledge that South Africa is currently at odds with its high unemployment rates, Stats SA has revealed the situation is worse than we thought.
Eyewitness News reports that the rate has sky-rocketed to the highest its been since 2017, currently sitting at 27.6%.
In a report released today, Stats SA revealed that the number of employed South Africans has decreased by 237 000 workers to 16.3 million.
This pushes the number of unemployed South Africans up to 6.2 million, a 62 000 increase from the last quarter of 2018.
However, economist Goolam Balim explains that the rise was to be expected, commenting that:
“The unemployment rate has hovered between 27% and 28% for a length of time. The fact that it increased symbolically is unwelcome and unhealthy. But with the growth anticipated, at a little less than 1%, the idea that the unemployment rate would increase was anticipated."
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