july unrest

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The impact of the July 2021 riots in KwaZulu-Natal and parts of Gauteng continue to be felt in South Africa. This as some businesses have not yet received their insurance payouts which directly impacts their ability to recover.

 


President Cyril Ramaphosa said the triple challenge of unemployment, poverty and inequality needs to be addressed in South Africa. And while millions remain unemployed, marginal gains in tackling unemployment were made as the unemployment rate declined.

 


The economic and social consequences brought about by unemployment could negatively impact the growth of an entire country.


In the final months of 2021, South Africa’s unemployment rate rose to 35.3%, meaning that more than one in every three people living in the country are unemployed.

 


Earlier this week, Statistics South Africa released the Quarterly Labour Force Survey for the final quarter of 2021. Whilst unemployment rose countrywide, one province has celebrated the creation of jobs. 


The unemployment rate in South Africa increased during the final months of 2022 painting a grim picture of the job losses experienced by the country's population. 


Recent figures released by Statistics South Africa (StatsSA) have revealed that South Africa’s Growth Domestic Product (GDP) increased by 1,2% in the fourth quarter of 2021. 


Statistics South Africa (StatsSA) have revealed that South Africa’s economy is still smaller than it was before the onset of the Covid-19 pandemic which was more than 20 months ago.


The July unrest has had a devastating impact on South Africa. The eight days of unrest and looting left more than 300 people dead and cost the economy billions.


The July unrest and looting has had a catastrophic impact on many businesses in KwaZulu Natal and Gauteng.


The South African Special Risk Insurance Association (Sasria) has paid out more than R5.8 billion in insurance claims related to the unrest that took place in July. Additional funds have since been given to the insurer to tackle the remaining backlog of claims.


The July unrest in parts Kwa-Zulu Natal and Gauteng has had a devastating impact on the Country. More than 300 lives were lost during the unrest while many people were left without work.


Around 80% of all South African goods are transported by truck. The trucking and logistics industry is still trying to recover from the losses it occurred during the July looting and unrest.

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