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    REFORM is critical to survive

    Sep 13, 2020 4 minutes
    PHOTO: GETTY IMAGES
    included concerns about unemployment, loss of business and access to a social labour plan

    South Africa’s second-quarter contraction in GDP demonstrates the devastating economic impact of the Covid-19 pandemic and associated lockdown. Behind the headline contraction of 16.4% (annualised to 51%) lie the real struggles experienced by households and businesses as our economy and society navigate the difficulties associated with this pandemic.

    The large contraction in growth raises three questions. First, what can we learn by unpacking the GDP numbers? Second, what does this mean for South Africa’s finances? And third, what does government plan to do to turn the situation around?

    UNPACKING THE NUMBERS

    Let’s start by unpacking the numbers. The largest declines were

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