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SA can add 1.2 million jobs by 2030, McKinsey says

Sep 05 2019 07:49
Antony Sguazzin, with Fin24

Digitisation and automation advancements could add 1.2 million jobs in South Africa by 2030, McKinsey & Co. said in a report Thursday.

Technology-related gains could triple South Africa’s productivity growth, more than double growth in per-capita income and add more than a percentage point to the real gross-domestic-product growth rate over the next decade, the report said.

Still, McKinsey cautioned “concerted action will be needed from businesses, government, labour organisations and educational institutions” to realize the gains.

SA's official unemployment rate jumped to 29% in the second quarter of the year, the highest jobless rate since the start of 2008. According to the July Quarterly Labour Force Survey there are 6.7 million unemployed people in the country between the ages of 15 and 64 years. 

The country avoided a second recession in two years, with Stats SA earlier in the week announcing that the economy grew by 3.1% in the three months to end-June. But annual projected GDP growth has been repeatedly downscaled by the SA Reserve Bank and the World Bank to between just 0.6 and 0.7%. 

 

sa reserve bank  |  sa economy  |  gdp growth
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