JOHANNESBURG, Sept. 28 (Xinhua) -- The COVID-19 pandemic regulations have had a serious economic impact on small businesses and the informal sector in South Africa, with more than 3 million jobs lost, said a study released on Tuesday.
The study, titled "The Impact of COVID-19 on Micro and Informal Businesses in South Africa," was conducted by the Department of Small Business Development in collaboration with the United Nations Development Program.
"The COVID-19 pandemic and the lockdown were unprecedented and described as more challenging than the financial crisis around 10 years ago," said the study.
The informal sector, which accounted for eight percent of South Africa's gross domestic development and employed 27 percent of the workforce, was the worst affected, it said.
The study also showed that micro and informal businesses that re-opened when lockdown measures had been eased were far "from recovering or reaching the revenue or employment figures they reported before the crisis."
While the pandemic negatively impacted many economic sectors, the decline was sharper in some areas, such as construction, hospitality, food and beverage.
Women were also seriously effected by the pandemic, with many jobs being lost, it said.
The study found that while the government provided financial support to mitigate the impact of the pandemic, it focused more on registered formal businesses. Enditem
