Dealing with the country's structural inequalities requires employment creation, skills development and enabling of economic growth.
Members of a fire crew work at a warehouse burned during days of looting and unrest in Durban on July 17 2021.The unrest and violence that tore through parts of Gauteng and KwaZulu-Natal in July cost the SA economy billions of rand in lost output and destroyed infrastructure, and is likely to happen again if the country’s structural inequality is not urgently addressed.
Also taking part in the discussion on the economic and unifying impacts of the unrest on the country were Zev Krengel, vice-president and former national chairperson of the SA Jewish Board of Deputies, and Business for SA health working group chairperson Stavros Nicolaou. After earlier predicting the economy would grow by 0.5%-1% in the third quarter, Bloomberg and JPMorgan now estimate the economy would contract by 3% in the quarter, said Nicolaou.If there was any silver lining to the violence, however, it was that it showed South Africans stood for the rule of law and that society, as a whole, had “pushed back” against the looting and vandalism.
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