ABiQ outlines the South African employment landscape in 2022.
The South African economy
Poverty is a major challenge that affects the South African economy and the country’s people. Despite significant reforms and government-led improvements, progress is still stagnant. The population percentage below the upper-middle income-country poverty line fell from 68 per cent to 56 per cent between 2005 and 2010.
The population percentage below the upper-middle income-country poverty line, however, trended slightly upwards to 57 per cent in 2015. It is suggested that it reached 60 per cent in 2021. The persistent inequalities, perpetuated legacy of exclusion and low intergenerational-mobility affects economic growth and foreign investment attraction.
The National Development Plan (NDP) 2030
The NDP aims to eliminate poverty and reduce inequality by 2030. The NDP focuses on:
- Eliminating poverty by reducing the proportion of households with a monthly income below R419 per person from 39 per cent to zero.
- Increasing employment to 24 million by 2030.
- Broadening the ownership of assets by the country’s historically disadvantaged groups.
- Promoting and ensuring education opportunities.
- Providing affordable access to healthcare.
- Ensuring effective public transport.
South African unemployment rate
The past 2 years have been tough for the South African workforce, many of whom have suffered salary cuts and job losses. South Africa’s unemployment rate climbed to 35.3 per cent during the fourth quarter of 2021.
Historical unemployment rates in South Africa (per cent):
- 2017: 27.04
- 2018: 26.91
- 2019: 28.47
- 2020: 28.74
- 2021: 35.30
- 2020: 28.74
Which SA industries are growing?
Researching the market is vital before starting an investing in or starting a business. South Africa is slowly, but surely, becoming self-sufficient. South Africa doesn’t rely on a single industry to generate income. South Africa’s economy has incredible opportunities as there are so many fast growing industries. Some of the fastest growing industries in South Africa include:
- Pharmaceuticals and Healthcare.
- Finance and Banking.
- Communications and Information Technology.
- Transport and Logistics.
- Mining.
- Agriculture and Agro-Processing.
At ABiQ, we provide validated data and trusted business intelligence covering Africa and the Middle East. We use our unique forecasting and project tracking tool to track projects worth over $5.8 Trillion in UAE, Saudi Arabia, and 54 countries across Africa so that you can stay ahead of your competitors and grow your business.
For more information on the South African economy contact ABiQ today.