Alexforbes chief economist Isaah Mhlanga says Eskom’s prolonged stage 6 load shedding has already caused significant damage to the country’s economy, with over R4 billion wiped from the GDP for each day it continues.
radio on Thursday, Mhlanga said this means the economy suffered a R12 billion blow – at least – between Tuesday and Thursday this week. Eskom has already confirmed that stage 6 load shedding will continue on Friday evening.
“A qualification on these numbers is that the economic impact is not linear, it can rise exponentially and the impact accumulates quickly. The point is that the cost is enormous. It’s difficult to imagine serious investors considering South Africa as an investment destination.” In today’s terms, after Statistics South Africa adjusted the country’s gross domestic product figures in 2021, the economy would, therefore, have been between R360 billion and R450 billion larger, after adjusting for things such as inflation, he said. “What is even worse is if we consider the one million lost job opportunities resulting from having a smaller economy.”
“Overnight we have replenished our emergency reserves sufficiently to not require stage 6 load shedding during the morning,” the power utility said in a statement on Friday morning.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Going private is the way to end stage 6 load shedding in South Africa: business groupBusiness Unity SA (Busa) says that South Africa’s move to stage 6 load shedding will have a significant impact on all parts of the economy, but is ultimately unsurprising given the continued deterioration of Eskom over the last decade.
Read more »
Stage 8 power cuts or higher a real risk for South Africa, energy experts warnEskom's load shedding schedule ends at stage eight, but energy economist Lungile Mashele said that the potential of higher stages remained.
Read more »
Eskom lowers load shedding to stage 4, but stage 6 is coming back | The CitizenEskom intensified power cuts on Friday morning amid an ongoing wage strike with members of Numsa & Num.
Read more »
Stage 6 load-shedding bad news for South Africa’s cellular networksVodacom and Telkom have warned that Eskom’s stage 6 load-shedding could cause outages on South Africa’s cellular networks.
Read more »
Eskom continues to hit South Africans with stage 6 load shedding | The CitizenEskom says the high levels of staff absenteeism and intimidation of working employees in some of the power stations is still rife.
Read more »
South Africa’s extended stage 6 load shedding is hammering the randPower outages in South Africa have caught rand bulls off guard, with at least three long-rand trades hitting stop-loss levels within a week as the rand tumbled to a 20-month low.
Read more »