South Africa: Record Unemployment - Yet Diversion Seems to Be the Chosen Response

analysis

On the day of the release of staggering unemployment statistics, President Cyril Ramaphosa made an announcement about expropriation of land without compensation and an "economic stimulus package". Many suspect the announcement was actually a way to divert attention from the dire state of the economy under the ANC. But let's presume that the announcement was not a diversion tool. What is its impact?

The latest unemployment figures have revealed a horrific picture for South Africa. Unemployment has reached record levels with nearly 10-million people unemployed or who have given up looking for work. The sad truth hidden in these figures is that about 70% of those unemployed people are in long-term unemployment. This means there is little reason to believe that they will be employed soon, and in this state, people generally don't increase their skills and obviously not their work experience.

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