Key roleplayers in South Africa's economy need to act swiftly to stimulate the economy to allay the jobs crisis.
This according to Nedbank Senior Economist, Isaac Matshego, who highlighted the country's high unemployment rate in Stats SA's Quarterly Employment Survey. The survey revealed that 15 000 job losses in the formal sector has left almost 9 million people unemployed.
702's John Robbie spoke to Matshego, as he crunches the numbers of the survey.
Listen to the interview below:
We are facing a jobs crisis in South Africa... Looking at the performance of the economy, it's not surprising we recorded job losses.— Isaac Matshego, Nedbank Senior Economist
The mining and manufacturing sectors continue to be the are hardest hit sectors in job losses. The public wage bill and decreasing the deficit would go a long way in stimulating the economy.
We have to move faster to address the issues. We need to move faster to improve this economy's capacity to create jobs.— Isaac Matshego, Nedbank Senior Economist