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Warning over jobs bloodbath in South Africa

Parliament's Select Committee on Trade, Industry and Cooperation has warned that the imminent shutdown of Arcelor Mittal's (AMSA) long steel production plants will impact far more than the 3,500 announced.
The article from BusinessTech discusses a dire warning from the South African Reserve Bank (SARB) regarding potential massive job losses in South Africa. The SARB has forecasted that the country could see up to 1.5 million job losses due to a combination of factors including a global economic downturn, ongoing electricity supply issues, and logistical constraints. These challenges are expected to severely impact the economy, with sectors like mining, manufacturing, and agriculture being particularly hard-hit. The SARB's Monetary Policy Committee (MPC) highlighted that the persistent load shedding and inefficiencies in logistics are not only hampering economic growth but also exacerbating unemployment, which is already at critical levels. The article also mentions that the government and private sector are urged to collaborate on solutions to mitigate these impacts, focusing on improving energy security and transport infrastructure to prevent what could become a "jobs bloodbath."

Read the Full BusinessTech Article at:
[ https://businesstech.co.za/news/business/816038/warning-over-jobs-bloodbath-in-south-africa/ ]