Job losses due to coronavirus pandemic will take several years to recoup: Economist

Economist says it will take several years for the local economy to recoup employment losses triggered by the impact of the coronavirus pandemic.

Figures released by Statistics SA on Thursday show that the country’s unemployment rate jumped from 23.3% to 30.8% in the third quarter.

This is the highest unemployment rate recorded since 2008.

The sectors that lost most jobs were electricity, water and transport while finance, private household and constructions created some jobs.

“It highlights that the labour market is under pressure alongside the economy which will take many years to recoup the losses that it has experienced this year. Challenging times ahead for the consumers and more reason to get the policy right so that we get the economy growing again and ultimately becoming labour absorbent.” Jeff Schultz