The numbers are terrible.
Unemployment rose further in the fourth quarter of 2020 and stands at 32.5%, the highest level since 2008, with 7.2 million South Africans out of work.
South Africa's budget deficit is expected to more than double from 5.7 percent to 14 percent of GDP in fiscal year 2020-2021, Finance Minister Tito Mboweni said on Wednesday, presenting his budgetary guidelines.
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South Africa suffers the repercussions of its partial deconfinement
“
We are facing a particularly difficult balancing act this year
,” said the Minister.
"
On the one hand, a raging pandemic, (...) on the other, a weak economy with massive unemployment and overwhelmed by public enterprises in difficulty
."
Added to this are “
the highest budget deficit in our history and rapidly growing public debt
”.
This should indeed exceed 80% of South Africa's GDP.
The past year has completed destabilizing an already very fragile economy.
South Africa is, with nearly
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