Protests will only worsen the economy
South Africa is not the only country experiencing an economic crisis. According to the Organization for Economic Cooperation and Development (OECD), global GDP stagnated in the second quarter of 2022 and output declined in the G20 economies.
High inflation is persisting for longer than expected. In many economies, inflation in the first half of 2022 was at its highest since the 1980s.
The ongoing South African economic crisis in SA is the basis for the planned socio-economic marches and pickets tomorrow.
The dissatisfaction with growing inequality, unemployment and poverty has been manifesting in a variety of protest action – in this case, in the form of marches and pickets, the latter during working hours.
Fin 24 reports South Africa lost 1.6 million work days due to protests in the first half of this year, up from 45 000 in the previous year. The South African economy has shrunk to the extent that it is still not where it was before the Covid-19 pandemic.
Social partners need to find a balanced outcome as any form of cessation of work will further increase the number of working days lost and, as a result, contribute to the economic crisis.