Photo source: All Africa
South Africa’s economy is expected to shrink by 7.8% this year after this pandemic that has devastated the GDP and its growth. This news has been released by the National Treasury in its Medium-Term Budget Policy Statement on Wednesday. GDP growth is expected to 3.3 % in 2021, and to average 2.1 % over the medium term. Based on this analysis, the economy will only recover to 2019 levels in 2024. This fall has made the recovery of South Africa’s economy more complicated.
Also Read: South Africa’s president expose $60bn plan to upgrade the economy
Over the past 10 years, real GDP growth averaged 1.4 %, while the population grew by 1.6 % per year. Now there is a need to implement a national consensus through a social compact that addresses both short- and long-term structural growth challenges.
Data source: All Africa news
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