Most of the key indicators suggest that South Africa’s economy is slowly mending. However, the pace of recovery has been too slow to translate into sustainable employment creation, says Nedbank.
Most key indicators suggest that South Africa’s economy is slowly mending – however, the pace of recovery has been too slow to translate into sustainable employment creation, says Nedbank.
The unemployment rate rose to a new record high of 35.3% as a large number of discouraged job seekers returned to the labour force on signs of improved economic activity, outpacing the number of jobs on offer. “The worst of the pandemic seems to be over, which implies that lockdown disruptions would be minimal. This, together with ongoing economic reforms, should lift business confidence, encourage investment spending, and ultimately support employment growth,” the bank said.because the economy is still facing many long-term challenges that are hindering jobs growth.”
Employment by the government will be limited by significant budget constraints. A large number of discouraged workers will also increasingly return to the job market as economic activity improves. All these factors will keep the unemployment rate elevated throughout 2022, Nedbank said.
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