The two released the Household Financial Wellness Index on Tuesday showing the balance between growth in employment and the gross domestic product (GDP) declined from 0.7 in 2011 to -0.2 in 2015 and was expected to go even below 0.3 this year and next year.
The index found that unemployment increased from 4.6 million people in 2011 to 5.9 million in 2016. It said it expected that 7.2 million would be out of jobs at the end of 2018, charging that overall unemployment could hit 31 percent next year if the current economic, demographic and employment trends continue.
Carel van Aardt, a professor at the Bureau of Market Research at Unisa, said the recent recession, which could have been avoided, and policy uncertainties were to blame for the bleak outlook.
Van Aardt added that there appeared to be no plans to deal with investor concerns from government.