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South Africa's power blackouts will cost the economy $1.3 billion this year
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The power crisis in South Africa is crippling its economic development
South Africa's power outages, known as load shedding, are costing the country an estimated $51m a day, according to the country's central bank. It also predicts that South Africa's GDP growth could be as low as 0.3% this year, down from 1.1% in 2022, because of the problem. The bank said the country's growth could be at 2.3% if there were no power outages. South Africa's economy slowed to 0.2% year-on-year in the second quarter of 2022, according to World Bank data. The power crisis started 15 years ago and state-owned power monopoly Eskom has been blamed for the energy mess.
Read the full article on Quartz-Africa
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