South Africa’s escalating joblessness, combined with elevated consumer price inflation, is heightening social stability risks in the country, says professional services firm PwC.
The country saw its worst riots since the end of apartheid in July 2021, with the violence claiming 354 lives. The perceived lack of response from the government led to a cabinet reshuffle and the axing of the national police commissioner. The government also plans to enrol 12,000 police officers before the end of this year as part of efforts to rebuild its police force.
“This mismatch between expected financial conditions and the ability of the economy to deliver on these expectations contributed to last year’s unrest. When considering all of these factors, as well as the upwards momentum in trade unions’ salary and wage expectations for 2022, there is enough reason to be concerned about social stability in South Africa.”
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