Global unemployment reaches 40 year low

JOHANNESBURG – Global unemployment has fallen to its lowest level in almost 40 years.

However South Africa is one of four countries that are failing behind the trend.

A report by investment bank UBS released on Monday, it looks at 40 developed and emerging markets. The data shows the unemployment rate worldwide decreased from 8% in 2010 to 5,2% in September this year.

This figure is the lowest since 1980, where the latest decrease stood at 5%.

The large decline is attributed by the flexible working practices, lower wages, and rock-bottom interest rates.

But it is a stark contrast for South Africa, its unemployment rate is nearing 30% mark.

Photo credit-file photo

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