Central Bank data says Botswana unemployment rate at 16-year high

Daba Finance/Botswana unemployment rate at 16-year high

AFRICAN BUSINESS AND ECONOMYJune 24, 2024 at 6:09 PM UTC

TLDR

Botswana's unemployment rate nears 2008 financial crisis level, with 25.9% overall and 34.4% youth unemployment in 2023.
Central bank report reveals employment figures rose but fail to keep pace with the growing labor force.
Concerns arise as two in ten Batswana remain unemployed despite slight increase in total employment.

At least two in ten Batswana are unemployed, with the nationwide unemployment rate approaching its highest level since 2008, a central bank report cited by TechCabal shows.

The Bank of Botswana’s 2023 annual report, released this week, indicates that while total employment figures rose from 717,725 in 2022 to 788,616 in 2023, the economy is still not generating enough jobs for the growing labor force.

Youth unemployment also increased from 33.5% in 2022 to 34.4% in 2023 while the overall unemployment rate climbed to 25.9% in 2023. This puts the nation at risk of reaching the 26.2% unemployment rate recorded during the 2008 financial crisis.

Key Takeaways

Ahead of the general election in late 2024, President Masisi of the Botswana Democratic Party (BDP), which has held power since independence in 1966, has frequently highlighted his government’s success in job creation. In a recent political campaign, Masisi asserted that his government’s policies had been effective in “creating jobs and improving quality of life.” The government is the largest employer in the country, employing over 18% of the labor force. Despite this, the mining industry, a cornerstone of Botswana's economy and contributing 35% to GDP, only created 11,412 jobs, accounting for just 1% of total employment in the country.

Botswana

Economy

Unemployment

Elections

Southern Africa

Youth Unemployment