More graduates to join jobless queuesSunday Tribune.
His prediction follows Statistics South Africa’s Quarterly Labour Force Survey which showed another increase in the unemployment rate which was at 27.7%, from the 26.5% in the last quarter. The increase marked the highest unemployment rate in the past 14 years.
Van Aardt said the Bureau of Market Research conducted research to predict economic trends for 2017 and 2018. “It appears from this analysis that economic growth rates will be below 1% in 2017 and 2018, while the elasticity rate between GDP and employment growth will weaken further to 0.3%. As a result the number of unemployed will grow by more than a million between 2016 and 2018,” he said. Van Aardt said this would result in increased unemployment among graduates as well. The absorption rate of new graduates and economically inactive graduates returning to the labour market was on the decline.
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