Thebe Mabanga
South Africa is set to lose about 1.6 million jobs as a result of the COVID-19 pandemic.
This is according to a new report by Nedbank, released on the eve of worker’s day as 1.5 million prepare to return to work as lockdown restrictions are eased.
This compares with approximately 900 000 jobs that were lost after the global financial recession in 2009.
Nedbank expects the wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods; hotels and restaurant sectors, which it calls ‘retail’ to shed about 1.4 million jobs, with the bulk of the jobs lost in the first half of the year.
Other industries that the green bank expects to lose jobs this year are manufacturing with 149 000, transport storage and communication losing 124 000 as well as construction, which is set to lose 109 000. Mining is expected to add 7 500
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