Discuss the effect of the coronavirus COVID 19 outbreak on the economh of South Africa
Answers
Answer:
The Coronavirus (COVID-19) has resulted in mass production shutdowns and supply chain disruptions due to port closures in China, causing global ripple effects across all economic sectors in a rare “twin supply-demand shock”. With South Africa having just reported its first cases of COVID-19, Africa is beginning to feel its full impact and plans to control and manage the humanitarian challenges of the virus are underway across the continent. Economically, the effects have already been felt - demand for Africa’s raw materials and commodities in China has declined and Africa’s access to industrial components and manufactured goods from the region has been hampered. This is causing further uncertainty in a continent already grappling with widespread geopolitical and economic instability.
The number of cases is reportedly slowing down in China, increasing expectations that it will eventually reach a plateau and be brought under control. However, in early March the Organisation for Economic Co-operation and Development noted that “annual global GDP growth is projected to drop to 2.4% in 2020 as a whole, from an already weak 2.9% in 2019, with growth possibly even being negative in the first quarter of 2020”, with global markets plunging in the days thereafter.
China has been Africa’s largest trading partner for some time and the interconnectedness between these regions means that African nations could have been exposed to COVID-19. A potential largescale outbreak is expected to put pressure on already strained public health systems on the continent and African countries are being vigilant in order to quickly diagnose and contain the outbreak. Detection of the virus in African countries might be a challenge due to lack of laboratory capacity and medical supplies. The WHO noted that it was equipping 36 African countries with virus testing kits, and it has also helped to train and provide personal protective equipment to health workers in Africa. Further, most African countries are identifying quarantine centres and stocking up on medication. Healthcare facilities throughout the continent will feel intense strain should the virus take hold.
Explanation:
Answer:
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Explanation:
The country has recorded the highest level of infection of Covid-19 in the southern Africa region since its outbreak. Growth is expected to contract by 1.5 percent in the first 3 months, as the virus threatens two of its main sources of income: mining and tourism.
The report issued by a subsidiary of the auditing firm Price Waterhouse Coopers, further stresses the Chinese market’s capacity to absorb South African metal production.
Every year South Africa exports the equivalent of 450 million euros worth of iron, manganese and chromium ores to China.
However, the announced 1% decline in Chinese growth could result in a reduction in demand for South African raw materials. This comes a few weeks after South Africa announced that it had entered recession in the fourth quarter of last year. The second in two years.
The country has been battling with economic crisis for nearly 10 years. From a sluggish growth, deteriorating public finances, mass unemployment to power outages.
President Ramaphosa in an address on Sunday announced that the number of cases stood at 61. he outlined the harsh economic impact of the virus citing tourism and the mining sector. South Africa has also repatriated 121 citizens from Wuhan, epicenter of the coronavirus.
Schools have been suspended and universities are likely to follow suit. Social gathering are banned and visas cancelled for persons coming from high-risk countries. Most land and sea borders have been closed and proper hygiene practices have been advised.