Beyond the gloom

Good news in South Africa seems as scarce as reliable electricity these days. Or as scarce as reliable water supply in Gauteng, for that matter.

The glass is neither half-full nor half-empty, but has been stolen, some will quip. If it is not Eskom failing, it is the rand falling. On top of the daily domestic struggles, we also face an increasingly unforgiving global environment and evaporating investment returns. What to do about all this gloom?

The one option many are taking is to emigrate. Data on emigration is sketchy, but anecdotally, it has increased, partly because jobs are plentiful in developed countries. The likes of the US, UK, Canada and Australia have near-record levels of job openings. This might not last. Central banks in these countries are aggressively raising rates. The US Federal Reserve specifically wants to see job openings decline to achieve greater balance between supply and demand of labour. In the process, it could result in a recession and rising unemployment.

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