SA could lose about 370,000 jobs this year, according to SA Reserve Bank.
Hundreds of thousands of South Africans will lose their jobs this year due to the lockdown.Social media users have shared some of their stories regarding job losses during the Covid-19 pandemic., the SA Reserve Bank warned the country could lose about 370,000 jobs this year.
The central bank noted that the Covid-19 shock “has put large portions of the economy into a policy-induced coma”. “This is a supply shock, in the sense that no amount of demand can be satisfied if industries are closed. As the supply side of the economy reawakens after the lockdown, however, the demand-side aspects of Covid-19 will become more pressing,” it said.
“Preliminary estimates suggest SA could lose about 370,000 jobs this year, on a net basis, with business insolvencies increasing by roughly 1,600 firms as the economy contracts.”We are heading into a serious economic storm. Companies that have operated for decades are going into business rescue. This will result in mass job losses and/or salary cuts. If you still have a job and earn a full salary, be very grateful.
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