Ina Opperman
Business Journalist
3 minute read
24 Aug 2021
6:02 pm

Unemployment shocker: SA is in deep trouble, with worse to come

Ina Opperman

SA's official unemployment rate is five times higher than the world rate, with more people out of work than during the great depression

Picture: Neil McCartney

The latest unemployment figures show SA is in deep trouble that will probably take the best part of the century to fix, economist Mike Schüssler, says after the latest Quarterly Labour Force Survey issued by Statistics SA indicated that unemployment now stands at 34,4%, the highest since the start of the survey in 2008. “South Africa’s official unemployment rate is now five times higher than the world rate. The number of people without work is far higher than most countries had during the great depression. I would say this is a clinical depression if the other time period was a...