South Africa

IN TWEETS | Mzansi shares stories of job losses due to Covid-19 pandemic

SA could lose about 370,000 jobs this year, according to SA Reserve Bank.

The DA said the proposed legislation will hit lower income earners the hardest.
The DA said the proposed legislation will hit lower income earners the hardest. (123RF/Vadim Guzhva)

Social media users have shared some of their stories regarding job losses during the Covid-19 pandemic.

In the latest Monetary Policy Review, the SA Reserve Bank warned the country could lose about 370,000 jobs this year.

The central bank noted that the Covid-19 shock “has put large portions of the economy into a policy-induced coma”.

“This is a supply shock, in the sense that no amount of demand can be satisfied if industries are closed. As the supply side of the economy reawakens after the lockdown, however, the demand-side aspects of Covid-19 will become more pressing,” it said.

“Preliminary estimates suggest SA could lose about 370,000 jobs this year, on a net basis, with business insolvencies increasing by roughly 1,600 firms as the economy contracts.”

Taking to Twitter, here is what some tweeps had to say:

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