South African President Cyril Ramaphosa says his country is slowly stabilising from a week of destruction caused by riots that will cost the country hundreds of millions of dollars
The long-term social and economic cost of the unrest was also becoming clearer, with calls for the government to address underlyingWall Street bank JPMorgan said the unrest would force South Africa's economy to contract by 3 percent in the third quarter and drag down full-year growth.
This would lead to even more unemployment, he said. Most of the people in the streets were youths with few job prospects and limited education opportunities. Retailer Massmart said protesters had looted 41 of its stores and two distribution centres, with four sites damaged by arson.
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