The significant drop in the country’s GDP is an anomaly due to the Covid-19 lockdown, but it should spur South Africans on to do all they can to help rebuild the economy, President Cyril Ramaphosa said. Stats SA revealed on Tuesday that the economy shrank at an annualised rate of 51% during the second quarter, the worst quarterly collapse on record. If the second-quarter results are not annualised, GDP contracted by 16.4%.
Early in the lockdown, the government announced a R500bn economic and social relief package to help those affected. Many of the schemes, however, have been marred by controversy and allegations of fraud and mismanagement. “Now is the time to act quickly and boldly to place SA on a rapid growth trajectory,” he said. “We cannot continue with business as usual. We will use this moment of crisis to build a new economy, and unleash SA’s true potential.”Social partners will soon present a social compact on economic recovery to Ramaphosa following discussions at the National Economic Development and Labour Council.
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