Among the havoc wrought by the global financial crisis, unemployment ranks at the top. This discussion often focuses on the situation in advanced countries. Unemployment in the United States, for example, continues to hover around 9 percent.
Take that and double it. Then you can begin—yes, just begin—to get a sense of the magnitude of the problem in South Africa. Unemployment in South Africa now stands at some 24 percent. Youth unemployment is phenomenally higher still at some 50 percent. (more…)
Filed under: Africa, Economic Crisis, Economic research, Emerging Markets, Employment, Inequality, International Monetary Fund, Politics, Public debt | Tagged: global economic crisis, global financial crisis, labor markets, labor protection laws, macroeconomic policy, private investment, South Africa, unemployment, wage bargaining, wage subsidy, youth unemployment | 7 Comments »