Seven years ago, economists warned that the Zuma years would plunge the country into an unemployment crisis and at the time the country was 10% better off in the unemployment statistics than what it is now.
Of the 39.5 million South Africans between the ages of 15 to 64 only around 14.9 million are currently employed while the youth continue to take most of the heat with around 64% of people between the ages of 15 and 24 out of work.
While the economy contracted severely in 2020 on the back of Covid-19 lockdowns that affected the economy, there was some good news on Wednesday. StatsSA announced that the economy was 11% larger than what had been previously reported after the agency changed the way it calculates gross domestic product (GDP).
South African GDP currently sits at R5.52 trillion up from the initial figure of R4.97 trillion.
But Duma Gqubule writes in New Frame, that South Africa risks falling further behind in the years leading to 2030 just as it did during the nine lost years under the Zuma administration.
Gqubule writes: “The inevitable outcome of the state’s neoliberal policies – capitalism on steroids, by another name – is a further increase in unemployment, poverty and inequality. This will push an already unviable society in which half of Africans do not participate in the economy to the edge, resulting in repeat episodes of the social unrest, violence and eventually repression that we saw in July.”
So where do we go from here?
Well for Mpumelelo Mkhabela (for subscribers), President Cyril Ramaphosa needs to stop playing the long game as he did to cajole support to win the ANC presidency and start making bold decisions that will push the economy forward, drive jobs (especially for jobless youth) and help keep government on track.
As Mkhabela puts it, during his testimony at the Zondo commission the president sounds like a man with heaps of time on his hands to turn around the economy but if he truly wants to leave a positive presidential legacy, “he has to run the government as if his term in office will end in a few weeks.”
Here’s a roundup of the most interesting opinions and analyses:
News24
Hlophe finally faces impeachment, but JSC still stalling on recommending suspension – Karyn Maughan (for subscribers)
Recent events in SA shows need for inclusive future – Dr Fatou Bensouda
Business Day
Behold, the ANC’s colossal economic wreck – Gareth van Onselen (for subscribers)
Forget about nationalism, John Steenhuisen, it’s the economy… – Peter Bruce (for subscribers)
Financial Mail
How Markus Jooste hid his stake in Lanzerac – Rob Rose (for subscribers)
When politicians get out of the way – Natasha Marrian (for subscribers)
Daily Maverick
Look back in astonishment: Mcebisi Jonas on the big takeouts from Zondo Commission, and Ramaphosa’s stealth moves against State Capture – Marianne Thamm
UPL chemical catastrophe: When a very public disaster gets turned into a very private affair – Tracy-Lynn Field
The Citizen
Whistleblowers’ senseless killings continue unabated under ANC’s watch – Brian Sokutu
New Frame
Why the South African state is incapacitated – Jeremy Cronin
