Over the past few months, a growing number of companies across multiple industries have announced plans to cut thousands of jobs in South Africa, delivering yet another blow to an economy already grappling with high unemployment and sluggish growth.
This ongoing wave of retrenchments threatens to further stall the country’s economic recovery, as businesses struggle to stay afloat in a low-growth environment.
Chief Economist at Econometrix, Dr. Azar Jammine, stated the trend reflects deeper structural weaknesses in the economy.
“The significance is that it is not coming as a surprise. If an economy keeps growing by less than 1% per annum over an extended period and the population is…
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Fun South African Fact: Despite the country’s status as a democratic republic, the Province of KwaZulu-Natal has a monarchy, specially provided for by the Constitution. Goodwill Zwelithini kaBhekuzulu is the King of the Zulu Nation, has 27 kids and 6 wives and lives, literally, like a King!
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Fun South African Fact: What about beer? South African brewery SABMiller ranks – by volume – as the largest brewing company in the world. Saffers love their beer…but the real reason the brewery is so big? SABMiller also supplies up to 50% of China’s beer.