The unemployment rate in the continent\u2019s most-industrialized nation is currently 33.9% — the highest on a list of 82 countries and the eurozone monitored by Bloomberg.<\/p>\n
South Africa\u2019s economy needs to expand consistently at 5% for years to create jobs and lower an unemployment rate that\u2019s among the world\u2019s highest, according to central bank Deputy Governor Rashad Cassim.<\/p>\n
For an economy that expanded at an average rate of 1% in the past decade and is being buffeted by rolling electricity outages, labour unrest and transport bottlenecks, accelerating growth to 5% may be a challenge.<\/p>\n
\u201cGoing from a 1% economy to 3% isn\u2019t rocket science\u201d for South Africa, Cassim told reporters in Johannesburg on Tuesday. \u201cUnfortunately, 3% gets the economy going, but it will not bring the unemployment down. To get unemployment down, we really need systematic 5% growth every year, and that\u2019s a different debate.\u201d<\/p>\n
Power outages — known locally as load shedding — reached a record this year and are deterring companies from expanding and adding jobs. Rising labour and utility costs spurred Sibanye Stillwater Ltd., South Africa\u2019s second-largest precious-metal miner by sales, to consider cutting<\/a>\u00a0about 2,000 jobs at some of its gold mining operations.<\/p>\n The unemployment rate in the continent\u2019s most-industrialized nation is currently 33.9% — the highest on a list of 82 countries and the eurozone monitored by Bloomberg.<\/p>\n
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