South Africa’s economy contracted the most in a century in 2020 and lost 1.4 million jobs as restrictions to curb the spread of the coronavirus weighed on output and forced some businesses to cut wages, reduce staff or close permanently. The deadly riots and week-long looting spree in KwaZulu-Natal-Natal and parts of Gauteng further decimated the country’s economic misery – costing the country an estimated R50bn in lost output and placing 150,000 jobs at risk. In response to the economic devastation caused by the riots and looting, President Cyril Ramaphosa unveiled a new relief package to help businesses and […]
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