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In 2020, South Africa's GINI coefficient was 62.73, the highest of any country, indicating a high-level of income inequality. [5] The top 20% of South Africa's population holds 70% of all income earned by the country, with this group consisting mainly of White South Africans. [6]
The 2023 South African National Shutdown was a protest held by the political party Economic Freedom Fighters on 20 March 2023, the day before Human Rights Day. [ 8 ] [ 4 ] [ 9 ] [ 10 ] [ 11 ] The EFF called for the resignation of President Cyril Ramaphosa and an end to load-shedding .
The energy crisis has significantly limited economic growth in South Africa thereby preventing the country from resolving high rates of unemployment. [ 27 ] [ 125 ] The power shortage is estimated to have reduced economic growth in 2021 by 3% thereby costing the country an estimated 350,000 potential new jobs for that year alone. [ 27 ]
South Africa has some of the world's highest rates of inequality and unemployment, which officially stands at 32% across the board and a dizzying 45% for young people between the ages of 15 and 34.
South Africa has long been seen as a leading representative of the African continent in the world, and on Dec. 1 it assumes the prominent presidency of the Group of 20 nations — 20 leading rich ...
In South Africa, this idea is known as the first (capitalist, high-profit industries) and second (underdeveloped) economies. [4] The first economy contributes to the majority of South Africa's wealth and is integrated within the world economy. The second economy consists of low-skilled and outdated jobs.
Increasing unemployment, lack of affordable housing, social disintegration, and social and economic policies have all been identified as contributing factors to the issue. [2] Some scholars argue that solutions to homelessness in South Africa lie more within the private sphere than in the legal and political spheres. [3]
The economy of South Africa is the largest economy in Africa, it is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. [ 31 ] [ 32 ] [ 33 ] The economy is the most industrialised, technologically advanced, and diversified in Africa. [ 34 ]