South Africa unemployment hits record 29 percent

macaubusiness.com

- macaubusiness.com | 2 months ago

It marks the lowest level since the country’s quarterly labour force survey was introduced 11 years ago and is just the latest blow to Africa’s most developed economy, which has suffered through mass layoffs, rolling blackouts and contracting gross domestic product (GDP).

The country’s opposition parties quickly lashed out at Ramaphosa and the ANC, saying the country had an “unemployment catastrophe” and warning that the situation was getting worse. The country’s statistics agency StatsSA said in its quarterly report that “the unemployment rate increased by 1.

4 percentage points from 27.

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