SA virus-hit economy shrank most in 100 years in 2020

SA’s gross domestic product shrank 7% in 2020, compared with a 0.2% expansion in 2019, according to a report released by Statistics South Africa. That’s the biggest decline since 1920, yet the drop was smaller than what the National Treasury forecast in its annual budget last month. 

SA virus-hit economy shrank most in 100 years in 2020

As restrictions to curb the spread of the coronavirus pandemic ravaged output and disrupted trade.