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South Africa is set to experience the slowest economic growth in 2016 in comparison to the major regional economies. This is mainly due to the troublesome first weeks of 2016, which negatively affected the market, with a decline in GDP growth.There are many contributing factors that have influenced the dismal performance of the country’s economy, including a limitation in electricity and water supplies. This serves to hamper production and potential investments into the country.
In addition, there will likely be a rise in consumer inflation during the year of 2016, as well as inflation in the South African Reserve Bank (approximately 5.9% for this year).
The rand has depreciated significantly in value and inflation is set to rise as well. All of these facts and figures combined could see South Africa’s economy sinking to number three in the African continent.
A leading research company, Ipos, recently examined the attitudes that South Africans have toward the current economy in a report titled The Economic Pulse of the World. The results of the report showed an overall bleak perception of the economy, with as little as 12% of South Africans having confidence about the current economic situation. This has fallen from 23% in December of 2014. South Africa almost hitting recession towards the end of 2014, with economic growth as low as 0.7%.
The rand was sitting at R17.99 against the dollar – the lowest it has ever been. It has only improved marginally over the last few days, rising to R16.49 against the dollar, a small improvement for the local currency. However, it still does not mean that the country is out of the danger zone.
The economy is additionally being negatively impacted by China’s slump, as there is now less of a demand from the country’s biggest trading partner. There is also a revenue reduction for metals like platinum and iron ore, and a threat to mining jobs.
The country could be further destabilized by the unemployment rate, with an astounding 26.4% of the population sitting without jobs.
To curb the threat of the economy preforming even lower, South Africans have a responsibility to contribute to the country as much as possible to brighten the economic future. This includes education and employment. Online job portals like Zigo make this task easier as they open up a portal of opportunities, listing companies and organizations that are looking to hire skilled and qualified professionals.
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About Zigo
Zigo is a job aggregator site that was founded by Charles Edelstein The company is based in South Africa and has branched out into the UK and USA. Zigo contains listings for available vacancies that are pulled from renowned recruitment websites and career boards. For more information on Zigo’s services, please visit www.zigo.co.za/
Contact Info:
Name: Charles
Email: Send Email
Organization: Zigo
Address: 61 Hillcrest Ave
Phone: +27832872810
Website: http://www.zigo.co.za/
Release ID: 104565