The Unprecedented Storm: Assessing the Macroeconomic Impact of COVID 19 on the South African Economy.
It was the year 2020 when the world saw the emergence of the infamous virus which crippled the global economy to a great extent impacting almost every aspect of human life. South Africa was no exception to this. To the rainbow nation, which was already grappling with several structural changes, the arrival of the COVID-19 Pandemic unleashed an unprecedented economic crisis on the country, impacting almost every aspect of its economy. The impact of the pandemic can be analyzed with a recent report by the SSA (Statistics South Africa) which says that the country’s economy returned to its pre-pandemic levels only during the first quarter of 2022. The analysis in this article will be done through a macroeconomic perspective, focusing on the unemployment crisis, inflation volatility, trade disruptions, and exchange rate pressures on the economy. Further, prospects for the economy will also be analyzed keeping in mind the effects of these macroeconomic shocks on the overall development of th...
