Hire in Swaziland
The economy of Swaziland is very closely related to the economy of South Africa, in which it receives over 90 percent of its imports. Swaziland is now known as Eswatini. The economy of Swaziland is defined as a free market. Swaziland is known to have a poverty rate of 69.2 percent. It is a country that is a lower middle-income with a lower GDP dependent on various factors.
Since the COVID-19 outbreak, the economy of Swaziland has declined with changes in certain factors. Though being a country with a high poverty rate, Swaziland survived the pandemic very boldly. The manufacturing of textiles and sugar-related processing represents 37% of the GDP. There are various sectors of the government which contribute up to 50% of the GDP. The unemployment rate of Swaziland is 22.24%, as it is a lower-middle-income country. Swaziland is one of the countries which has a free-market economy in different sectors. Swaziland is one of the cheapest countries to live in, but also, at the same time, it is not very safe during the night.
Overview of Swaziland
The economic rate of Swaziland has averaged 2.8 percent and is nearly 2 percentage points lower than the growth of other South African Customs Union member countries. The service sector of Swaziland comprises 44 percent of the GDP, and the other sectors contribute to the GDP. The external debt burden has declined markedly over the last 20 years. The country has not been hit by a recession in the last few years.
Total population: 1.15 million
GDP: the US $4.71 billion (2020)
As per the reports and study regarding the economy of Swaziland, it was found that the economic growth in Swaziland has lagged since the last few years and has averaged 2.8 per cent lower than the growth of other neighboring countries. There are certain factors, such as low agricultural productivity, repeated droughts, and the effect of HIV/AIDS, contributing to the decline in the GDP rate. The revenues that were declining and increased spending has led to the deficits in the budget.
The outbreak of COVID-19 has hit everyone differently, with the country's GDP declining in every other sector. Different sectors have been hit by the outbreak, such as coal mining, wood pulp, and other private and public sectors. However, the recent study and research suggest that the industry revenue has increased at an annual rate between the years.
A brief glimpse of the industries
- The finance of Swaziland is small but is very well-diversified and developed as well. The financial sector of Swaziland is regulated and monitored by the Central Bank of Swaziland in a very well liberated manner. Due to the pandemic, the cash flow has declined in the past year and is said to increase in the coming years.
- The population of Swaziland has increased in the last few years, and since the outbreak of coronavirus, there has been an increase in the demand for healthcare services. There have been changes in the various sectors of the economy.
- The various industries such as coal mining, wood pulp, sugar, soft drink, and other industries are expected to see growth since the increase in the prices of the utilities. The employees in the industries are trying their hardest to get the income.
- The internet is also playing a major role in generating industry revenue for IT services and other computer system design services. Also, the industry's revenue is expected to increase at a certain rate based on different factors.
- When compared to other countries, Swaziland has also experienced slow conditions in the retail sector. The expenditure on essential goods has also increased, and the spending in the retail sector has been falling due to the economic environment that is not stable.
Cost of living in Swaziland
The cost of living in Swaziland is less as compared to the other countries in the world. Swaziland is one of the liveliest states in the world. The property rates vary from one city to another based on different factors. Given below is a table that will help you in understanding the cost of living in Swaziland:
Cost of Renting
The cost of rent in Swaziland differs according to the area and the location where you prefer to stay. A one-bedroom apartment may cost you about US $688, which also depends upon the area of the apartment. The rent may increase according to the areas and also the amenities that are available there.
Cost of living depending upon your location
The allocated resources have also increased different costs of living for different cities. The different parts of the country have recently seen a decline and witnessed a reduction in the cost of living, which is also one of the factors for individuals to relocate to different parts of the city. There are different areas that have different costs of living.
The top sectors that are expected to hire in 2021 in Swaziland are: