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South Africa has one of the highest unemployment rates globally, which results in significant economic challenges. It has also created a growing contingent of discouraged job seekers, who have effectively given up on trying to secure employment, which exacerbates the issue.
The past decade has not been easy for small and medium enterprise (SME) owners. GDP growth has been almost non-existent for most of the past ten years, and despite a widely held – and correct – belief that SMEs hold the keys to job creation and economic growth, they’ve largely been left to fend for themselves.
COVID-19’s devastating grip on economies may be dominating headlines but in many parts of the world – specifically South Africa – chronic unemployment is arguably, the more debilitating 'pandemic'. With the world record for the highest unemployment rate, close to half our population (44.4%) who are eligible to work, remain unemployed.
The internet is disruptive by nature. It has transformed the way societies and economies work, communicate and play, businesses operate, and how governments deliver services to citizens. Digital technologies are paving the way forward for rapid innovation, economic growth, and job creation.
Globally, the perennial battle to alleviate poverty is an enduring one and in this respect South Africa is no exception. According to Statistics SA almost half of the adult population in our country is living below the upper-bound poverty line.
Operating conditions in the first half of 2021 were better than we expected at the start of the year. This was evident in upward revisions to GDP growth, vaccine rollouts gathering pace and positive developments on key reforms in SA.
Read our exclusive cover story titled BUILD BACK BETTER | NOW IS THE TIME FOR POSITIVE RADICAL ECONOMIC TRANSFORMATION! by Chris Hattingh, Deputy Director Free Market Foundation, Member of the advisory council Initiative for African Trade and Prosperity and Senior Fellow at African Liberty, as well a host of other topical management articles written by professionals, consultants and academics in the August/September 2021 edition of BusinessBrief.
Despite perceiving the overall risks to CPI as on the upside, all five members of the Monetary Policy Committee (MPC) decided to keep the repo rate unchanged at 3.5%. The repo rate has been on this level since 23 July 2020.
Life on earth is symbiotic, each component within the ecosystem plays a significant role – you only have to examine how the loss of the bee population today is affecting food systems – to be reminded of just how interconnected everything really is.