South Africa’s unemployment rate has dropped to 32.7% in the fourth quarter of 2022, marking a decrease of 1.8% from the previous quarter. This news comes as the government has announced the creation of 169,000 more jobs during the same period.
The decrease in the unemployment rate is a welcome development, especially given the current economic climate. The government has made job creation a priority, and this latest development is seen as a sign that its efforts are paying off.
To create more jobs, the government has implemented a number of measures aimed at supporting the private sector, which is seen as a key player in job creation. One of the measures is the reduction of regulatory burdens on businesses to create a more enabling environment for the private sector.
The government is also focusing on providing incentives and support for small and medium-sized businesses, which are seen as vital to creating more jobs. This includes access to finance, mentorship, and training programs to help businesses grow and create employment opportunities.
The government has also launched a number of public works programs to provide temporary employment to those who are currently unemployed. These programs aim to provide income support and skills development to help individuals find more permanent employment opportunities in the future.
The government’s efforts to create more jobs have been welcomed by labor unions and business organizations alike. The decrease in the unemployment rate is seen as a positive sign, but there is still much work to be done to address the high levels of unemployment in the country.
The drop in South Africa’s unemployment rate to 32.7% and the creation of 169,000 more jobs in the fourth quarter of 2022 is a positive development for the country. The government’s focus on supporting the private sector and creating an enabling environment for businesses to thrive is seen as a key driver of this progress. However, more needs to be done to address the persistent challenge of high unemployment in the country.
Source : Employment and Labour Department