South Africa’s economy shrank by 17.1% in the second quarter of 2020, as it felt the devastating impact of the economic shutdown due to the coronavirus pandemic.

In late March, the government shut down non-essential businesses for five weeks to curb the spread of coronavirus; it has since taken a gradual approach to reopening the economy.

Mining and manufacturing were among the worst-hit industries, with only agriculture showing any growth in Q2.

South Africa has seen one of the worst declines in GDP globally according to the Organisation for Economic Co-operation and Development (OECD).

The country had already entered recession in the first quarter of the year, and has now seen four consecutive quarters of economic decline.

Source : CNN


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.