Cape Town – Nobel Laureate Paul Romer described on Monday South Africa as "economic disappointment", citing high levels of unemployment among the country's youth, by calling it "human tragedy".
"It's a very difficult story because this political miracle was in this country followed by economic disappointment and the thing I would not like to suggest is so many people from outside, but under-use of human talent in South Africa, "Romer said.
He was part of a panel discussion in Cape Town at the fourth annual New Development Bank (NDB) meeting in Cape Town.
The NDB is a multifaceted finance organization set up by the BRICS countries block – Brazil, Russia, India, China and South Africa.
Romer told delegates that South Africa should not wait for educational reform but should get more people into jobs. "To have extremely high unemployment levels especially among young people … this is a disaster for the future of this country," he said.
"Salaries are growing with years at work, people learn at work as a system that denies people the chance to get a job … this is a waste of human talent only and there are It is just a mistake for the people concerned.
Romer was a co-recipient of the 2018 Nobel Memorial prize in the economic sciences and was also a chief economist at the World Bank.