Almost 350,000 adults are to be added to the labour pool every year – driving unemployment and having surprising knock on affects, says PwC.
Recent data from financial services firm PwC expects that by 2030 South Africa’s unemployment rate will be sitting at 40%.
PwC’s downside scenario indicates that South Africa’s unemployment rate would be sitting at 40% by the end of the decade. According to PWC, at an expected GDP growth rate of 1.5% per annum, employment – comprising both formal and informal jobs – will grow at a rate of 1.2% every year from 2024 onwards.
Rolling blackouts as a result of mismanagement and poor maintenance at Eskom drove GDP to be a primary driver of GDP decline. Bloomberg calculations added that record load shedding from March onwards hobbled economic growth.Knock on effects
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