South Africa’s Economy Shrinks By 51% After Coronavirus Pandemic Lockdown

South Africa’s economy shrunk by staggering 51% in the second quarter (Q2) of 2020 after a nationwide coronavirus pandemic lockdown. That was reported by some media on September 8, 2020. According to the reports all sectors of the country’s economy declined substantially during the lockdown except the agricultural sector that observed significant growth.

South Africa’s coronavirus lockdown is said to have been among the strictest in the world. The lockdown was coupled by a massive financial stimulus worth a colossal $26 billion. Unveiled in April 2020, the financial stimulus was in the form of generous social and economic support to individuals and businesses.

South Africa is Africa’s most industrialized country and second largest economy. The massive economic shrinkage following coronavirus pandemic lockdown is, however, very unlikely to change that.

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