South Africa’s unemployment rate has fallen to 31.4%, the lowest level since mid-2020, as the community services and construction sectors added workers during the fourth quarter. The decline from 31.9% in the previous quarter signals improving economic prospects for a nation burdened by one of the world’s highest jobless rates. Investec economist Lara Hodes attributed the improvement to a resilient global economy and domestic progress in easing structural barriers. She projects GDP growth will reach 1.5% in 2026 and accelerate toward 3.5% by 2030. Meanwhile, President Cyril Ramaphosa recently emphasized that all government actions would now focus on rapid job creation through infrastructure investment and green economy initiatives, with Finance Minister Enoch Godongwana expected to reveal detailed plans in the February 25 budget.
Bloomberg
