By Canisius Mushibwe
The unemployment rate in South Africa has hit the apex with the country now ranking first in the world out of 82 nations monitored by Bloomberg.
Reports availed on Tuesday indicated that unemployment levels in the country rose from 32.6% to 34.4% in the second quarter this year.
Joblessness in South Africa has been a challenge for a long time, however, Coronavirus restrictions and the recent looting in Kwa Zulu Natal (KZN) contributed to this predicament.
The escalating unemployment rate could exert pressure on authorities to extend relief measures thereby, complicating efforts to stabilize public finances.
Local analysts have confirmed that recent restrictions to curb the third wave of coronavirus and last month’s riots in KwaZulu-Natal and Gauteng provinces are likely to continue damaging one of the biggest economies in Africa.
In July, there was also a deadly uproar in South Africa’s two most significant economic hubs- Gauteng and KZN- which claimed 354 lives with several businesses looted and completely destroyed.
The violence cost the country about US$3.3 billion in revenue with over 150,000 jobs being put at risk.
