Rorisang Kgosana
Premium Journalist
5 minute read
15 Jul 2021
6:42 pm

Unemployment, poverty about to get worse, as economy looted to hell

Rorisang Kgosana

South Africans are about to find out what happens "when you destroy your infrastructure in the name of politics,” since KwaZulu-Natal and Gauteng contribute more than half to the country's GDP.

The aftermath of wide scale looting in Alexandra, 14 July 2021 after mass looting happened in the area. Picture: Neil McCartney

In just one week of rioting and looting, the economies of KZN and Gauteng have been knocked back to the same slump of lockdown level 5, meaning there is no way investors would look to the country positively, economists have warned. It is predicted that the country’s GDP growth will come in at 0.4 percentage points lower this year due to the carnage and destruction to property being most rampant in KwaZulu-Natal and Gauteng, the two provinces which contribute more than half to the South Africa’s GDP, said PricewaterhouseCoopers (PwC) chief economist Lullu Krugel. The coastal province is home to...