South African President Cyril Ramaphosa on Tuesday urged South Africans to do all that they can to help rebuild the economy hard hit by the COVID-19 pandemic.
He made the appeal after Statistics South Africa released figures showing the country’s gross domestic product contracting by about 51 percent in the second quarter of this year.
The sharp drop “reflects the severe impact of the global coronavirus pandemic on the economy,” Ramaphosa said.
He said the annualized contraction represents an anomaly due to the COVID-19 lockdown imposed at the end of March which saw most industries closed for months.
The newly released figures nevertheless reinforce the importance of enabling a strong rebound in subsequent quarters, the president said.
Countries across the world are facing significant economic disruption as a result of the pandemic, leading to the worst global downturn in decades, he said.
“South Africa has not been spared these realities,” said Ramaphosa.
Moreover, tax relief worth over 70 billion rand has been extended to businesses in distress, according to Ramaphosa.
These and other measures have provided necessary relief to vulnerable individuals and businesses across the country, he said.
As the epidemic continues to stabilize, a strong recovery is possible through targeted actions to restore economic growth and protect the livelihoods of South Africans, Ramaphosa said.
