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Moreover, each individual in South Africa, regardless of employment status, carries a debt burden of roughly 885,000 Rand. Given that a substantial portion of the population is unemployed, this translates to a dire economic reality, with the debt burden hovering around 83,500 Rand per unemployed person.
Rising Debt Ratios
Over the last decade, under the leadership of former President Jacob Zuma, fiscal responsibility took a backseat. While officials once aimed to keep the debt-to-GDP ratio at 40%, estimates now indicate it has ballooned to around 79%. Such figures signal a pressing need for fiscal reform, staring the country dead in the face.