South Africa is on the brink of a “jobs bloodbath”. Between 200000 and 300000 people stand to lose their jobs this year on top of the more than 112000 who have already been laid off since November.
And the situation is exacerbated by 350000 school leavers who are looking for work.
More than 1.2 million South Africans are expected to be in crisis by year-end as each lost job affects an entire family.
The losses could push the unemployment rate — pegged at 22% by the government and 40% by various research units — up by “roughly 3%”.
Said economist Mike Schussler: “We’re in deep trouble, and we’re definitely heading for a very deep recession. I expect a bloodbath for jobs; anywhere between 200 000 and 300000 losses for the year.”
The worst-hit sectors are automotive, mining, and clothing and textiles.
According to the director-general of trade and industry, Tshediso Matona, only the pharmaceutical, chemical and agricultural processing industries indicated they were not considering lay offs at a crisis meeting between government and trade federations on Thursday.
Matona, who is the government’s point-man on the credit crunch, said the automotive sector had shed 47000 jobs since the global economic crisis began to bite in October.
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2 comments:
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