Economic turmoil exacerbated by two years of pandemic and its attendant lockdowns has seen the United Nations Department of Economic and Social Affairs, note that after a strong recovery in 2021, global growth momentum is losing steam, writes Ross Mengel, Outplacement & Career Transition Consultant in alliance with Signium Africa.
The World Economic Situation and Prospects (WESP) 2022 warns that global economic recovery hinges on a delicate balance amid new waves of COVID-19 infections, persistent labour market challenges, lingering supply-chain constraints, rising inflationary pressures and the ongoing war in Ukraine.
From a South African economic perspective, the last few years have been grueling: VAT has increased, GDP hovers around the 1% mark, interest rates are up and retrenchments have picked up across several industries including mining, construction, engineering, manufacturing, banking and finance, as well as state-owned enterprises such as Eskom, SAA and SABC.
The pace of job creation has been wholly inadequate to offset employment losses, and many companies have had to reduce employee numbers to shrink costs, leading to extremely challenging and stressful undertaking of section 189 processes and retrenchment.
- Hits: 778