economy

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The Covid-19 pandemic and the restrictions imposed to flatten the curve have plummeted the economy. This has negatively impacted even industries that are best known for being the drivers of the economy. 

 


South Africa's unemployment rate hit a new high of 34.9% in the third quarter of 2021 and it has been reported that 1.2 million graduates are currently unemployed. This hits beyond the crisis level, let’s see what experts have to see about this.

 


Concerns have risen amidst the Covid-19 pandemic as youth unemployment stats have increased. These are uncertain times and people have been looking for alternatives that might change their lives, forever.


The Covid-19 pandemic has had a devastating impact on the South African economy, and with that, the education sector has been terribly hit by the unfortunate effects of the virus as well. The private school sector with regards to primary school, high school, and tertiary institutions has also felt these effects which, in turn, has put to question the sustainability of private schooling institutions.


A survey done by Gumtree has shown that 64% of South Africa's youth has had to move back home to their parents homes. Through Gumtree, a website used to advertise sales, vacancies, etc. it was seen that many South Africans were doing more to get more money in the bank during Lockdown. 


All South Africans are now waiting for the President to announce Lockdown Level 1. This comes as we see government consider the easing of further regulations with many experts saying that Level 1 is coming soon.


President Cyril Ramaphosa has said that technically, the country has run out of money. An Economic Recovery Plan will then be needed to get South Africa's finances back on track.


Stats South Africa released the unemployment figures on Tuesday, days before the SONA is about to take place. The figures shown definitely caused an uproar in South Africans where little progress was shown. 


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