Blackouts could slash 125k jobs, cut growth to zero: Reserve Bank

The wave of rolling blackouts that started in November and are among the worst the country has yet experienced could knock 1.1 percentage point off economic growth, the Reserve Bank said in its Monetary Policy Review released Wednesday in Pretoria.

Expansion of close to zero would be the worst outcome since 2009, when former President Jacob Zuma came to power. The central bank pointed out that its estimates, which also show 125,000 jobs could be lost, assume load-shedding will persist at high levels throughout the year, and don’t incorporate longer-term costs such as forfeited investment.

“It’s unclear to what extent firms and household have now made their own plans to manage or avoid their reliance on Eskom, which could mitigate growth costs,” the Reserve Bank said.

Breaking the economy with power cuts proudly brought to you by the anc. Remember that when you decide who to vote for 8 May

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