South Africa Announces Coronavirus Economic Reconstruction And Recovery Plan
Africa | South Africa October 16, 2020
Government of South Africa on October 15, 2020 announced an economic reconstruction and recovery plan for combatting the economic impacts of the coronavirus pandemic. That was reported by various media. As part of the plan, the government there will, among others, spend $60 billion on infrastructure projects in the coming four years, as well as create immediately over 800 000 new jobs through a large-scale employment stimulus.
The impacts of the coronavirus pandemic on the economy of South Africa have been severe due its nationwide coronavirus pandemic lockdown said to have been one of the strictest in the world. Reportedly, the country’s economy shrunk by staggering 51% in the second quarter (Q2) of 2020 as a result of the lockdown. Also, over 2.2 million jobs are said to have vanished due to the pandemic.
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