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South African facing an economic crises

The latest economic indicators released yesterday by StatsSA show that South Africa is facing an economic crisis. Unemployment is rising and economic growth is dangerously slow.

South African money

The figures released show that since President Jacob Zuma came to office; unemployment has skyrocketed from 31.7% in 2009, to 36.1% in 2015.

This means that 2 million more South Africans are without work today than 6 years ago.

More troubling is that 65.5% of those without jobs are young people.

A job does not only provide a means of support, but also provides individuals with a sense of independence and dignity.

Young people are being deprived of the opportunity to pursue a life they value as a result of the weak economy and skills-shortages caused by the failing education system.

In order to build a more equal and inclusive society, South Africa needs to fix the problems that constrain economic growth so that we can create jobs.

The 1.3% GDP growth for the 1st quarter of 2015 falls far short of the 5% required to see a meaningful change in the structure of our economy and decrease inequality.

This cannot be accepted while the African Economic Outlook for 2015 predicts that African economies will grow by 4.5% on average this year.

Economic policy uncertainty, the electricity crisis, failing infrastructure and corruption are killing our economy.

Hard choices need to be made to rescue our economy and unlock the potential of the South African people.

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