SA needs expansion in remittances from our own people working abroad, write Mike Schussler and John Fraser
It may sound bizarre, but a vast wave of South Africans could boost our economy — by going to work offshore.
If we in SA could also grow our remittances to about 8% of GDP that would have the same effect on our economy as doubling the size of the mining industry. If we could reach 7% of GDP it would be like adding a sector of similar size to transport or communications to the economy. SA has all these skills in abundance and there is a chance for those workers who are visionary enough to make the leap to earn substantially if they trek offshore. Truck drivers in the US earned an average of $58,00 in 2019. That is about R870,000 in nominal terms or R420,000 in purchasing-power-parity terms. Hardly small change.
Yes, the world is becoming more protectionist, countries are more suspicious of those seeking to join their workforces — but the long-term trend still sees millions of people from developing countries seeking job opportunities in richer northern hemisphere countries. While employment rates there of the economically active are not 100%, they are certainly better than our 35% employment rate.
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