Elevated levels of load-shedding in South Africa in 2023 could cost the economy R1.6 trillion in lost economic activity, according to Electricity Minister Kgosientsho Ramokgopa. This is R400 billion more than the previous year.
Business leaders in South Africa have warned President Cyril Ramaphosa that the country’s unemployment rate could rise to 38.1% by 2030 if urgent action is not taken to address the energy, logistics, and crime crises.
The current unemployment rate is already at 32.9%, one of the highest among more than 80 nations tracked by Bloomberg.
The United Nations Development Programme (UNDP) has warned that South Africa’s high unemployment rate, particularly among the youth, is a “ticking time bomb” that could lead to social unrest.