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Unemployment, climate change adding to SA's economic risks, says IRM

While the risks are known, the response to it has been poor, the Institute of Risk Management South Africa said.

FILE: Cosatu members strike against the country's high unemployment and the unbundling of Eskom on 13 February 2019. Picture: @_cosatu/Twitter

CAPE TOWN - South Africa’s economic risks are growing day by day.

That’s according to the Institute of Risk Management South Africa which said there’d been a marked increase over the last ten years.

While the risks are known, the response to it has been poor.

Unemployment, fraud and corruption, income disparity and failure of governance.

It all sounds familiar but it has worsened.

The Institute of Risk Management said that the unemployment figure, currently at 29.1% – was the highest it's been in over 16 years.

But there were new challenges.

Climate change, civil disobedience and pressure on the country’s Chapter 9 institutions like the Public Protector and the Human Rights Commission were a few of the new demons the country faced.

The institute’s Chris Palm said that ethical leadership was required to overcome these challenges.

The country also needed to see some sort of accountability and justice.

He said that leaders in government needed to realise that risk responses that were effective in the past were not guaranteed to address the risks and opportunities of the future.

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