COVID-19 and its Economic Impact on the South Economy

Rufaro Garidzirai ()
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Rufaro Garidzirai: Walter Sisulu University

Africagrowth Agenda, 2020, vol. 17, issue 3, 10-12

Abstract: Does COVID-19 have an impact on South Africa’s economy? The impact of COVID-19 on the economy is appalling and cannot be overlooked. Noteworthy, is that the COVID-19 pandemic has deplorable effects to governments, investors, financial markets and consumers. There are many effects of the COVID-19, including but not limited to, the strain on the government’s expenditure, an uncertainty in financial markets, panic buying, depreciation of the local currency and leading South Africa into a depression. This study presents recommendations that can be used by the government to counter the adverse effects attached to COVID-19. This study therefore suggests that the government reduce the borrowing rate to increase the consumption level and economic growth. In addition, the fiscal authorities should fund all key economic sectors to avoid unemployment and a stagnant economic growth.

Date: 2020
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