In the absence of comprehensive data on employment, any measure of the natural rate of unemployment (NRU) would be inadequate for policy formulation. Given that only a small part of the Indian labour force, say about ten per cent, is employed in the organised sector and the greater majority is in the unorganised sector, estimation of unemployment is rendered difficult.
The South African economy, in tandem with many other economies around the world, is growing below its potential rate of growth. While part of the reason for slow growth relates to the global economy, there are also South African-specific issues that inhibit our ability to grow faster and create jobs.