The latest Employment Insights report from PwC paints a bleak outlook for job prospects in South Africa.
Financial services firm PwC expects there to be a significantly lower number of new jobs created in South Africa in 2023 compared to last year – while it expects the downward trend in the unemployment rate seen in 2022 to reverse and start pushing higher.
As a result of sustained and damaging load shedding, PwC revised its growth forecasts to include a baseline scenario of 1.6% in 2023, an upside scenario of 2.0% and a downside scenario of 1.0%. These are all markedly lower than GDP growth in 2022, which was around 2.0% across the board. 2022 saw significant employment gains during the first three quarters, PwC said – especially within non-agricultural employment – reaching 15.8 million jobs in total, a net increase of 1.2 million jobs.
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