- New figures show that 25 000 jobs were created last year, but the number of job-seekers increased by 598 000
- Population growth and immigration play a role in this
- Gloomy economic prospects also mean that there are fewer employment opportunities for the growing number of job-seekers
Statistics SA has published its Quarterly Labour Force Survey, which provides more details regarding the unemployment crisis in South Africa.
The figures show that 25 000 jobs were added to the economy in the last year, but this resulted in no decreases to unemployment as the labour force expanded by 598 000.
With economic growth remaining low, there are few new employment opportunities on the horizon for jobless South Africans.
Many of the new additions to the labour force are migrants from other African countries, Briefly.co.za has gathered. These job-seekers, plus young South Africans entering the job market, mean that there are more people entering the job market than there are jobs being created. In fact, there was only one job available for every 24 new job-seekers in the last year, according to The Citizen.
Stats SA projects that there will be four million African migrants living in South Africa by 2021. The rate of immigration into the country is only expected to increase. Additionally, decreases in child mortality mean that South Africa's population is growing. This has a number of benefits, but also places more strain on an already over-saturated job market.
Reserve Bank Governor Lesetja Kganyag recently released a statement in which he said that business confidence in South Africa remains low. In order to create jobs, it is necessary that investors feel secure in pouring capital into the country.
To achieve this, structural reforms and more policy certainty are needed, according a recent statement by Nedbank CEO Mike Brown.
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