Unemployment warning for South Africa

South Africa’s unemployment rate took a knock in February when it recorded an increase for the last quarter of 2023, and according to the International Monetary Fund , it’s only going to get worse., employment dropped by 22,000 in the last quarter of 2023, raising the official unemployment rate by 0.2 percentage points to 32.1%.This tallies the official unemployment rate at 7.9 million people and the expanded unemployment rate at 11.7 million.

The statistics body, in its February report, warned that the jobless rate may continue to rise as weaker commodity prices, energy shortages, and logistics constraints on the freight-rail system and at ports operated by Transnet affect mining companies’ profits, which the IMF agreed with. The IMF expressed concern over the increasing gap between low-income developing countries and the rest of the world.

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