May 4, 2020 / 8:52 AM / 25 days ago

S.Africa's GDP could shrink as much as 12% due to coronavirus - treasury head

JOHANNESBURG, May 4 (Reuters) - South Africa’s economy could contract by as much 12% and unemployment balloon to more than third of the workforce due to the impact of the coronavirus, Director-General of the National Treasury Dondo Mogajane said in a radio interview on Monday.

“Anything between minus 7% up to 12% could be the impact (on GDP). We have to focus on the post-virus environment so we can contain the impact ... It’s gonna be huge,” said the head of treasury on talk radio station 702.

“We could even reach 40% unemployment if things go the way they are. The manufacturing industry is impacted. Mining is impacted. The services sector is impacted. Look at tourism for instance, it’s on its knees,” Mogajane said. (Reporting by Mfuneko Toyana; Editing by Toby Chopra)

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