As we enter a new decade, CEOs are showing record levels of pessimism in the global economy, with 53% predicting a decline in the rate of economic growth in 2020. This is up from 29% in 2019 and just 5% in 2018 – the highest level of pessimism since we started asking this question in 2012.
Public sector staff expands and retail jobs disappoint. Statistics South Africa (Stats SA) reported on that South Africa’s unemployment rate was unchanged at 29.1% during the fourth quarter of 2019. With this reading, South Africa has the fourth-highest unemployment rate out of 182 countries tracked by Trading Economics, after Namibia, Bosnia & Herzegovina and Angola.
South Africa ranks 90th out of 162 countries and territories included in the Economic Freedom of the World: 2020 Annual Report, released today by the Free Market Foundation in conjunction with Canada’s Fraser Institute.
Over the past few weeks, the world stood witness to the spectacle of American politics in the twilight of Donald Trump’s presidency. Many in South Africa joined as keen observers. This episode, like many before it, again highlighted the importance of institutions and the ideas that underlie them – a reality often neglected in the realm of the politics of personality.
Most governments in Africa share the common problem of high youth unemployment. Global economic forces and decisions of powerhouses like Britain and America are increasingly impacting growth of African economies. African countries have thus found themselves on the back foot and unable to stimulate their economies sufficiently to create jobs, especially in the formal sector.
The National Minimum Wage (NMW) is a crime against the poor of this country as it absolutely forbids them from accepting any compensation below the floor set by government. It is reasonable, therefore, to assume that some people who could be working are not employed because of the minimum wage.
As humankind advances, new technologies are supposed to enhance and improve our lives by broadening access to education, financial instruments and other tools, while also improving communication within our globalised society. These were the ideals that the founders of the internet shared, says American futurist, author, professor and media theorist Douglas Rushkoff.
I woke up at 4AM this morning, buzzing. The room was pitch black and whisper quiet. But inside my head my mind was screaming “This is amazing! A-M-A-Z-I-N-G. And I feel so bad about it!” You see, I am in Silicon Valley and have just spent three days, along with 5,000 other people, at Intuit’s #QBConnect conference.
An essential component of the rule of law is the existence of impartial courts where disputes are resolved fairly without favouritism to one of the parties. This is important for the economic welfare of individuals in a country because no modern economy can survive without individual property rights or contracts.