Forensic Analysis of the Impact of Covid-19 Pandemic on the South African Economy
Keywords:Covid-19 pandemic, Economy, lockdown
The World economic activities were brought to a standstill in late 2019 through 2020 without a single gunshot but caused by a global pandemic called “Covid-19”. Sadly, the root causes or origin of this pandemic is yet unknown despite all efforts by the World Health Organisation and other relevant authorities. Covid-19 has caused an unquantifiable economic damage more than expected in South Africa. It affected all facets of its economic system ranging from stock market, tourism industry, production industry e-tal. Global demand for South African export products fell by 14% of its GDP in the Q2 of 2020. Most major economies in the World lost more than 4% of their gross domestic product in 2020 and many countries entered recession due to the covid-19 pandemic. This pandemic has caused both hyperinflation and high rate of unemployment in South Africa. Data from 1960 shows that the second quarter of 2020 experienced a greater fall in GDP than the annualised decline of 6.1% in the first quarter of 2009 during the global financial crisis and was “far steeper than the annualised 8.2% decline in the fourth quarter of 1982”. Overall, South African economy is still bedevilling/suffering from the collateral damages caused by covid-19 pandemic.
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Copyright (c) 2021 Benedict Ebenezer Alechenu
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