Economic growth in South Africa slowed to 1.3 percent in the first quarter of 2015 while the unemployment rate rose from 24.3 percent to 26.4 percent, the highest it’s been since 2003.
The expanded unemployment rate, which includes those who have given up on finding a job, rose to 36.1 percent from 34.6 percent.
Scroll down to listen to our interview of ETM Analytics Chief Economist and Managing Director George Glynnos who discusses the drivers and impediments to faster economic growth in South Africa.
Growth is a consequence of doing the right thing.— George Glynos, Director at ETM Analytics
Freeing up markets will ensure balanced growth.— George Glynos, Director at ETM Analytics
Low interest rates punish savers, yet savings are critical to the functioning of any economy.— George Glynos, Director at ETM Analytics
Innovation can create new markets and increase productivity and efficiency.— George Glynos, Director at ETM Analytics
We don’t like Big Government. Government doesn’t fully understand what business is going through. We’d like the government to be as small as possible. We don’t want government to, for example, operate airlines and electricity producers.— George Glynos, Director at ETM Analytics
We need to fix education, health and policing. We also need industrial policies that promote growth and certainty.— George Glynos, Director at ETM Analytics
We interviewed FNB Economist Alex Smith about South Africa's tepid growth rate and record unemployment: