In: Economics
Education is the baseline for our growth. If a person is educated than he can get better job opportunities, earn income and can afford his/ her daily needs which prevent him from living in poverty. In the economy also education plays an important role for the growth of the economy.
The education level of south Africa leads to other economic issues because low literacy leads to high unemployment rate, low income, high poverty and low GDP growth of the economy. The below table shows some facts about the economy of South Africa.
Sr. no. |
Economic indicators |
Rate |
1 |
Population |
55.91 million |
2 |
Literacy rate |
93% (UNESCO) |
3 |
Unemployment rate |
27.70 % (2017) |
4 |
Poverty |
25.2% (13.8 million) |
5 |
GDP growth rate |
0.6% (2017f) |
Though UNESCO has listed South Africa as 93% literacy rate but the child literacy rate is very low there while the government spending on education is very high in South Africa but the quality education is very poor which affects the skill development of young labours. The young people are low skilled due to which they cannot get higher level and skilled works and skilled workers from outside the country are getting better jobs then the country labours. It is leading economy towards high poverty and low employment rate which leads to low growth of the GDP.