Poverty Declining; Financial Inequality Major Issue

Poverty Declining; Financial Inequality Major Issue

The new stats released have suggested decline in the number of poor by 4 million in the country. The prices of commodities are rising and it is becoming increasingly difficult for locals to manage their expenses. As per the data till year 2011, 16.3 million people were below lower-bound poverty line, said statistician general Pali Lehohla.

Social grants have helped in reducing poverty. Compared to 2.6 million grants in 1993, 16.6 million grants were issued in 2011.

Financial inequality is a major issue for South Africa. The data shows no change in financial inequality. The richest 20 percent account for 61 percent of national consumption. The bottom 20 percent consume 4.3 percent.

The Nkandla municipality of President Zuma features as fifth highest level of poverty. Msinga municipality in KwaZulu-Natal was the poorest across the nation.

The inflation is out of control in South Africa and with decline in valuation of rand, more pain is expected in terms of rising import costs. The country is going for polls this year and the ANC is trying hard to present positive data on economy.

The food prices are rising. The platinum exports are expected to remain lower as the AMCU strike at three major platinum mines since January has hit the production. Unless the government takes strict action to revive the economic growth, the figures presented by stats will not be taken positively by locals.


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