PM Network - June 2009

AROUND THE GLOBE—ONE CITY AT A TIME
MAP

BY SANDRA A. SWANSON

FACTS &
FIGURES

Population: The city’s 3. 2 million residents skew young—with nearly half under the age of 34.

Language: English is the primary language of both government and business and it is taught in all South African schools. Other languages include Zulu, Swati, Tswana and Afrikaans.

PHOTOS COURTESY OF CITY OF JOHANNESBURG/ WALTER KNIRR

MARKET WATCH

Johannesburg is a major business hub for all of South Africa. The city is home to Africa’s largest stock exchange and generates 16 percent of South Africa’s GDP. For decades, mining has helped bolster the economy of the city and the surrounding country. Many of Africa’s biggest mining companies, including AngloGold Ashanti Ltd., have their headquarters here.

The global credit crunch has squeezed South Africa’s economy, however. The United States, Europe and Japan—all in the midst of deep recessions—represent about 60 percent of South Africa’s export market. In January 2009, the country’s trade deficit hit a record-high ZAR17.4 billion.

The mining industry has struggled, too. Some analysts suggest that 8 percent of South Africa’s mining workers could lose their jobs, according to Reuters. For decades, South Africa ranked as the world’s leading gold producer, but China has snatched away that title. In 2008, South Africa’s gold production fell more than 13 percent, reaching its lowest level since 1922.