Estimates from the Department of Trade and Industry indicate that South Africa’s economy has suffered losses of up to $46 billion due to six consecutive shocks over the past three years. The shocks included the global pandemic, the worst civil unrest since apartheid in July 2021, the war in Ukraine, severe flooding in the eastern coastal province of KwaZulu-Natal in 2022, rolling blackouts (referred to locally as load-shedding), and logistics constraints. Despite this, the economic growth rate has averaged 0.5% since 2020. The International Monetary Fund has also projected that South Africa, Africa’s most industrialised country, will become Africa’s biggest economy with a GDP of $373 billion—a position the IMF expects it to retain until 2027.
SOURCE: BUSINESS INSIDER
