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Business Cycles and Concepts - Research Paper Example

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Unemployment in South Africa Name Lecturer Date The rate of unemployment can be defined by either the ILO harmonized definition, the national definition, or the OECD harmonized definition. The unemployment rate as per the OECD harmonized is the number of unemployed people as a percentage of workforce force (the total number of employed persons and those unemployed)…
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Business Cycles and Concepts
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Download file to see previous pages Hence, the rate of unemployment can be referred to as the number of people who are actively looking for work divided by the workforce. Changes in the rate of unemployment mostly depend on the inflows made up of unemployed persons who are beginning to look for jobs, of employed persons who lose their work and look for new ones and of people who stop looking for employment. Related terms are the labor force, the rate of participation as well as the rate of employment. The labor force is referred to as the number of persons employed plus the number of people unemployed, although looking for jobs. The non-labor force entails those who are not currently searching for jobs, people who are institutionalized like in psychiatric wards or prisons, children, stay-at home spouses, and those serving in the military. The rate of participation on the other hand is the number of people currently in the labor force divided by the population of working age group that are not institutionalized. Hence the rate of employment referred to as the number of persons currently employed divided by the working age population (Timmons, 2008). The rate of unemployment is South Africa has increased in the third quarter of 2012 to 25.50 percent from 24.90 percent in the 2012 second quarter. The rate of unemployment in South Africa is reported by the Statistics South Africa. ...
The graph of the trend of rate of unemployment in South Africa According to studies, the reason for high rates of unemployment is more of internal than external. This is what Hart, chief economist at Investment Solutions, said in Johannesburg while speaking at a Johannesburg Chamber of Commerce and Industry breakfast. Hart compared the rate of unemployment in South Africa to that of Brazil. Both the countries began decreasing in 2002, then the global financial crisis in 2008. Many jobs were created between 2008 and 2002. Although the rate of unemployment in Brazil decreased, the same could not be said for South Africa. Hart asserted that the rates of unemployment means that the country needs to look at it as a priority of the nation. This is because job creation appeared to be one of the lowest policy priorities. He continued to say that the countries who have the same unemployment levels with South Africa are Spain and Greece who at that time were in deep crisis. Small businesses made difference in these countries including Brazil. Therefore South African policies need to be changed and more than three million small businesses need to be created to cater for the ever increasing rates of unemployment (Timmons, 2008). References Timmons, J. (2008). Causes and Effects of Unemployment Rates. London: ...Download file to see next pagesRead More
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