Page 12 - VC 5 Year Review Report 2022

2. Unemployment and youth severe macro-economic challenge, with about 10.2
disillusionment million young people aged 15–24 years (34.5%) not
in employment, education, or training (NEET) in the
The Statistics South Africa Quarterly Labour Force third quarter of 2022. However, it is encouraging
Survey (QLFS) for the third quarter of 2022 revealed that the graduate unemployment rate (10.7%) is 22.2
that South Africa’s unemployment rate had decreased percentage points lower than the national official
by a percentage point to 32.9% compared to the unemployment rate.
second quarter. However, the Eastern Cape continued
to record the highest unemployment rate (42.4%) of A dire economic outlook and persistent
all the provinces, with an expanded unemployment intergenerational inequality have reinforced the
rate of 50.6%. This burden is disproportionately felt significance of a marked deterioration in the holistic
by the youth, women and people with disabilities and wellbeing of young people. The World Economic
unlocking the barriers to full employment remains Forum’s Global Risks Report 2021 highlights how
a critical priority. Youth unemployment remains a the youth already bear the scars of a decade-long
financial crisis, an outdated education system, and
an entrenched climate crisis. As social cohesion
erodes, existing disparities are expected to widen
among the youth, which may lead to increased
disillusionment, resentment, and polarisation from
other generations.

With the number of young Africans projected to
increase to 42 percent of the world’s youth by 2030
and doubling the current numbers of African youth
by 2055 — African countries must invest in youth
economic opportunities for a more prosperous
future for all. Enhancing youth employability and
entrepreneurship initiatives in the short term will
reduce poverty, foster social inclusion, and harness
With the number Africa’s demographic dividend. This is especially
imperative in South Africa where the level of
of young Africans inequality remains persistently the highest in the
world with a Gini coefficient of 0.63 in 2022.
projected to increase 3. Online learning and the digital divide

to 42 percent of the
The coronavirus pandemic accelerated the transition
world’s youth by 2030 to emergency online learning at schools and
universities across the world. Within this context, HEIs
and doubling the current need to shape their futures by reflecting on what has
worked well during the pandemic and how these
numbers of African innovations can be scaled up to embrace flexible ways
of learning and working. Universities are expected to
youth by 2055 — African keep pace with these transitions to deliver on evolving
expectations, including quick pivots to quality online
countries must invest and hybrid learning, touch-of-a-button convenience,

and affordability.
in youth economic
opportunities for a more The “digital divide” refers to uneven access to
information and communication technologies (ICT)
prosperous future for all. in societies and is particularly pronounced on the
African continent. According to GSMA Intelligence,

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