Tuesday, 18 October 2011

allAfrica.com: Africa: South Africa - Potential Victim of European Debt Crisis?

allAfrica.com: Africa: South Africa - Potential Victim of European Debt Crisis?

"The US and Europe are our main trading partners, and the problems these regions are experiencing are very likely to affect us," said South Africa's Minister of Trade and Industry Rob Davies

"While experts say that the debt crisis in Europe may affect our exports, which constitutes 25% of our economy, we also worry about lay-offs. This puts our already small work force at risk," says the Executive Director of the Cape Chamber of Commerce, Viola Manuel.

Employment agency Adcorp earlier this year predicted that South Africa, a country with an unemployment rate of 26%, could lose over 490,000 jobs between now and December 2012.

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