OPINIONISTA: Bold measures are needed to solve the joblessness crisis

Statistics South Africa recently announced the latest quarterly labour force survey results. We learnt that the unemployment figure increased to 27.6% with the narrow definition, and 38% with the expanded definition . Most of the unemployed are young people at a staggering rate of 55.2%.

When looking at the employment and unemployment trends over the 10 years since the 2008 financial crisis, there are a number of notable elements that require deeper analysis. Last, government spending on key areas such as infrastructure development as a percentage of GDP has significantly reduced, thus affecting sectors such as construction, which have been heavily reliant on government projects. It thus comes as no surprise that most jobs were shed there during the first quarter.At the outset, the latest unemployment figures demonstrate that a large number of unemployed people do not have “marketable” skills.

Part of solving the unemployment crisis starts with an enabling environment for people to start businesses. Small, medium and micro-sized businesses in South Africa account for just above 60% of employment. However, countries of a similar scale and size to South Africa have SMMEs which account for more than 80% of employed people.

Third, political will from the sixth administration will be of paramount importance in unlocking commercial value that translates into job creation. In its 8 January 2019 manifesto the ANC pledged a number of things to stimulate economic growth, in particular, that the ruling party wants to attract R1.4-trillion in investment over a four-year period, which will in part play a significant role in the 275,000 jobs that it wants to create annually.

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