Unemployment rate South Africa
With that as a backdrop, we can only focus on solutions to remedy the situation and one way is to look towards job creation by the private sector in conjunction with the government. We as a country need to focus heavily on infrastructure building, our decaying roads are putting lives at risk each day they are not repaired. Measures to promote start-ups and lessening regulations that could be hindering growth should be re-evaluated, yes one cannot simply remove regulation as it stands to promote fairness and ensure the rule of law is applied and followed.
"A breakdown of turnover by business size shows that small businesses were responsible for generating R2,3 trillion (or 22%) of the R10,5 trillion. Medium sized businesses contributed the smallest portion (10%) while large businesses accounted for the biggest chunk, just over two-thirds (68%) of total turnover " - StatsSA
The above is a snippet from the StatSA government website, this clearly indicates the need to invest in SMME's and understand the role they play in employing the citizens of this country and ensuring the economy is growing.
Another key factor is to invest in STEM education, the country compared to the global market, is lacking in critical skills. Recently the Department of Higher Education & Training published its findings on the issue and it is clear that this country needs to shift its focus. You can read the article from "https://bit.ly/3usr549"
Here's a list of some of the in-demand skills:
- ICT Specialists,
- Engineers,
- Senior Financial Executives
The writing is clear, we are losing skills due to immigration, bad governance (corruption, state capture of SOE's), overly regulated markets fostering monopolies (Eskom), lack of accountability from top government, poor education system, skills shortage if all of these are not resolved, sadly we will drift further into unemployment, crime and destruction.
With the upcoming elections, perhaps a glimmer of hope is on the horizon that with added pressure perhaps the ruling government can make a change or South Africa is long overdue for a shake up on who governs us.