COSATU Warns South Africa Heading Towards a 50% Unemployment Rate
The Congress of South African Trade Unions (COSATU) has warned that South Africa’s unemployment rate is progressing treacherously and might soon reach a staggering 50 per cent.
South Africa’s current unemployment rate is 46.2%, up from 35.3%, based on the data released by Statistics South Africa.
Addressing the spectre of unemployment and the danger that lies ahead, the trade collective had noted that, amid the Russo-Ukrainian conflict in Eastern Europe and rising oil prices, the unemployment rate in South Africa might leap to 50%.
The prospect is seriously alarming because, according to COSATU, a 50% unemployment rate in South Africa would translate to about 50% of people of working age among the population would have no jobs.
The congress claimed that the government had created frameworks that do not emphasize employment creation but reducing budget deficit had boomeranged.
A key to addressing the economic challenges of the country, according to the Union, is addressing South Africa’s electricity problem. It noted that Eskom is the lifeline for South Africa and that the state-owned electricity behemoth’s situation will continue to worsen amid the fuel price spike.
The consequences of a high unemployment rate are too glaring, and the union ward South Africa may be headed south if the government does nothing and quickly too.