Wednesday, September 30, 2009

Recession Brings Job Losses to South Africa

Job growth has been hit hard by the global economic recession, according to the Development Indicators 2009 report.

Despite the increase in employment from 11.3 million in March 2003 to 13.6 million in March 2009 and the attendant decline in unemployment rate from 31.2 percent to 23.5 percent over the same period, the country has witnessed massive job losses in the recent months, says the report, released on Friday.

According to the Development Indicators, 267 000 jobs were lost in the second quarter of 2009.

South Africa: Economic Crisis Eroding Employment Growth, Report
September 25, 2009