Trends exhibited in the South African unemployment rate since 2008

Seminar paper from the year 2021 in the subject Business economics - Economic Policy, grade: 78%, , course: Labour Economics, language: English, abstract: The purpose of this assignment is to present an approach review concerning the unemployment rate in South Africa and how the government can tackle it and will enlighten South African citizens and outsiders on how unemployment rate rises and effects of unemployment rate yearly. Long-term unemployment puts people impacted and their families under a lot of mental and financial strain. This is also a source of concern for policymakers because high rates of long-term unemployment suggest inefficient labor markets. Since the global financial crisis of 2008, the South African labor market has been characterized by slow job growth for young individuals relative to older workers. Unemployment is a major problem in South Africa and Covid-19 played huge role in decreasing the existing jobs and more people lost their jobs in 2020. And more jobs were lost in the second quarter of 2021 due to looting in some parts of the country.