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PWC Expects Load-Shedding to see 350k Job Cuts & Reduce FY21 GDP by 3%

SOUTH AFRICA
  • A key element in the economic outlook for Q4 2021 is the return of load shedding. After 11 weeks without power outages, South Africa was again hit with load-shedding during the second week of October.
  • "Overall, we expect load-shedding to reduce 2021 GDP growth by three percentage points – and cost the country 350,000 in potential jobs,"
  • Energy Expert Mike Rossouw says the rate at which Eskom's power plants are breaking down—including recently built ones like Medupi and Kusile—is profoundly concerning. He also forecasts more load-shedding ahead for longer periods.
  • Rossouw warns that Eskom's planning has collapsed, it is suffering from a lack of skills, and the execution of work is way below what it should be. Eskom's planning has collapsed, it is suffering from a lack of skills, and the execution of work is way below what it should be.
  • Says The only way out is for South Africa's political leaders to step up and take the blame for what has happened. "Unfortunately, what has to be done is going to be unpleasant, politically and otherwise," Rossouw said. "We don't have the luxury of choices anymore." - BusinessTech
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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