Abstract
The global economic crisis has a direct impact on the welfare of the lives of South Africans. The global economic crisis of 2007/2008/2009 is no exception, and the magnitude of these impacts depend on the length of the crisis, the pace of recovery and the socio-economic programs in place at country level. This paper aims to measure the effects of the global recession on the well-being of South African peoples’ lives within selected areas of the Eastern Cape Province, taking into account the effect of the global economic crisis on South African citizens, which depend directly or indirectly on peoples’ financial income. Two areas, namely Nelson Mandela Metropolitan Municipality, a Coloured and Black urban area (Algoa) and Buffalo Municipality, and a Black urban area in the Eastern Cape (Mdantsane) were selected as survey sites to analyze the impact of the global economic crisis on the well-being of South African peoples’ lives. However, critical features of the province’s socio-economic situation lay in glaring demographic realities such as the high rural population, the proportion of poorly paid employees, and the high unemployment rate (with women comprising a majority of the unemployed). The study of the impact of the global economic crisis on the well-being of South Africans was based largely on quantitative and qualitative data, which was collected from civil servants, students, unemployed persons, and entrepreneurs in selected studyareas of Algoa and Mdantsane. Structured and semi-structured questionnaires and interviews were administered to respondents (unemployed people, pensioners, youth university staff and students). Key words: Global economic crisis, human immunodeficiency virus infection/acquired immunodeficiency syndrome (HIV/AIDS), pensioners, programs, South Africa, unemployment.
Highlights
When the global economic recession occurred, South Africa had immersed itself in relatively strong fundamentals and was emerging from a protracted period of economic expansion
This paper aims to measure the effects of the global recession on the well-being of South African peoples’ lives within selected areas of the Eastern Cape Province, taking into account the effect of the global economic crisis on South African citizens, which depend directly or indirectly on peoples’ financial income
Namely Nelson Mandela Metropolitan Municipality, a Coloured and Black urban area (Algoa) and Buffalo Municipality, and a Black urban area in the Eastern Cape (Mdantsane) were selected as survey sites to analyze the impact of the global economic crisis on the well-being of South African peoples’ lives
Summary
When the global economic recession occurred, South Africa had immersed itself in relatively strong fundamentals and was emerging from a protracted period of economic expansion. Unemployment, inequality, poverty, crime, and human immunodeficiency virus infection / acquired immunodeficiency syndrome (HIV/AIDS) still continue to plague the country, while agriculture, mining and manufacturing have declined, and trade and current account deficit (CAD) have widened. The economy of South Africa has a two tiered economy: one, which rivals other developed countries and another, which has only the most basic infrastructure. It is, a productive and industrialized economy that exhibits many characteristics that are associated with developing countries, including a division of labour between formal and informal sectors and an uneven distribution of wealth and income
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