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The high levels of unemployment, at over 25%, and inequality are considered by the government and most South Africans to be the most salient economic problems facing the country. [56] These issues, and others linked to them such as crime, have in turn hurt investment and growth, consequently having a negative feedback effect on employment. [56]
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 The second economy consists of low-skilled and outdated jobs.
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's National Treasury criticized the statement by Moody's saying, "It's not possible that we'll end up in recession." He added that the government may revise lower its 4 percent growth forecast for the year following growth of 5.1% in 2007. Car sales in South Africa dropped an annual 22 percent in June due to higher interest rates. [2]
According to the World Bank, South Africa is the most economically unequal country in the world [citation needed]. The difference between the wealthy and the poor in South Africa has been increasing steadily since the end of apartheid in 1994, and this inequality is closely linked to racial divisions in society.
South African Journal of Economics is a quarterly peer-reviewed economics journal published by Wiley-Blackwell on behalf of the Economic Society of South Africa (ESSA). The journal was established in 1933. The journal publishes information on economic issues affecting African countries.
The economy of Africa ... and despotic regimes are both causes and effects of the continued economic problems. ... South Africa has attracted increasing ...