South Africa has the highest unemployment rate in the world
South Africa leads the world with the highest unemployment rates
A survey conducted and monitored by Bloomberg has indicated that South Africa’s unemployment rate is the highest in the world.
Unemployment has been a problem for most countries especially African countries but South Africa’s rate is overwhelming. In the second quarter of the year, the unemployment rate rose from 32.6% to 34.4% according to Bloomberg.
The Covid-19 pandemic happens to be one of the factors in the country’s unemployment rate, as most workers were laid off, businesses collapsing and shutting down due to insufficient funds.
Alongside Namibia, Nigeria, Jordan and Costa Rica, they complete the top five countries with the highest unemployment rates in the world as tracked by Bloomberg. The fourth Africa country on the top 10 list is Tunisia. The rest of the top 10 countries are from South America and North America, Europe and Asia with Europe having the second-highest number (3) after Africa (4).
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As there could be several factors explaining why the unemployment rates in countries would rise, the most prevalent one right now is the impact on economies by the Covid-19 which has brought many countries to their knees. South Africa has been well hit by the pandemic and that could be the reason why they have found themselves in this precarious situation.
Do you think of the impact of this on Africa in general? Let us know your views by commenting below.
By: George Addo | Join our Telegram Channel
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