Written by: Steve Swart MP and Whip
Article source: www.acdp.org.za
The ACDP notes with deep concern that the gross domestic product has decreased by a staggering 51 percent in the second quarter of 2020.
This is a direct result of the longest and hardest lockdown worldwide, implemented to combat the spread of the coronavirus, which resulted in thousands of businesses closing their doors.
The ACDP has consistently called for the lifting of the lockdown (with due health protocols put in place), given the devastating effect it has had on the economy. We have said we must save lives and livelihoods.
The economy was already in a dire state prior to the lockdown, in a recession, as a result of power outages, policy uncertainty and widespread corruption.
Today’s figures mean that the economic recession has extended into a fourth quarter, the longest period of consecutive quarterly contraction since 1992.
While the stringent lockdown provisions have been relaxed to level two, too little is being done to save the economy.
The ACDP again calls on government to lift the lockdown in its entirety. We also call on government to implement the National Treasury’s economic growth plan, as well as Business for South Africa’s (B4SA) economic recovery plan. If these pro-growth plans are implemented, where possible, and without delay, they will go some way to save a decimated economy.
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Date published: 10/09/2020
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