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TimesLIVE reports that on Wednesday the Industrial Development Corporation (IDC) indicated that it anticipated a jobs bloodbath that would result in an unemployment rate of 36.5% by the end of the year.
SA’s unemployment rate was at just above 29% before the national Covid-19 lockdown. CEO Tshokolo Nchocho was briefing MPs on measures taken by the IDC in the wake of the pandemic and indicated that the corporation had put together R500m of its own money and R300m from the Department of Trade and Industry to tackle the next few months. The institution is also anticipating a deep recession this year, with GDP growth projected at -6.3%. So far the IDC has approved R379m worth of emergency Covid-19 funding to six businesses. It has also offered support to businesses by allowing deferred payments for those who are in distress and cannot pay it back. Around 15 applications are currently undergoing due diligence processes and if approved will be valued at R198m. Nchocho commented that while the issue of opening up the economy was a sensitive one, it was a matter which caused constant anxiety.
- Read the full original of the report in the above regard by S'thembile Cele at TimesLIVE
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