One in five SA businesses has laid off their workers due to the impact of the coronavirus pandemic, according to the results of a new Statistics SA business impact survey.
The survey was based on the responses from 707 business across all sectors of the SA economy.
This comes as SA enters the 25th day of a nationwide lockdown, with only enterprises deemed essential — such as pharmacies and food retailers — able to continue operations.
While 20 per cent of responding businesses reported layoffs “in the short term”, just under a third said they had reduced staff working hours.
Some 85 per cent of businesses reported a decrease in turnover, while 75 per cent said they expected the impact of the coronavirus pandemic to be worse than the 2008 global financial crisis. — fin24.com