The State Of South African Economy

Abstract

The performance of any economy has a bearing on employment and by extension the welfare of workers. Although the South African economy sometimes experiences jobless economic growth, it is important that organised labour keeps track of the country’s economic performance such that it can leverage any benefits that comes from realising it. Otherwise, the benefits of economic growth will be expropriated by the employers alone. The South African economy is one of the largest on the African continent based on the value of goods and service it produces. The country is rich in natural resources and is a leading producer of platinum, gold, chromium and iron. However, the country is faced with structural problems such as the widening gap between rich and poor, low-skilled labour force, high unemployment rate, deteriorating infrastructure, high corruption and crime rates. Moreover, South Africa’s economic growth rate has been below the African continent average since the country experience a recession in 2008.