Lockdown To Wipe Out 75% Informal & 25% Formal Jobs In Zimbabwe - Report

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Lockdown To Wipe Out 75% Informal & 25% Formal Jobs In Zimbabwe - Report

The Zimbabwe Independent has warned Zimbabwe to brace up for economic dislocation as business leaders project that 75% informal jobs and 25% formal jobs will be lost due to the lockdown.

This was revealed by a reported titled Sustainable and Flexible Economic Interventions to Address COVID-19 done by the Zimbabwe National Chamber of Commerce (ZNCC). The report says the lockdown will result in contractions in many sectors which will lead to staff layoffs, especially in the informal sector.

The report reads in part:

Workforce will be made redundant as some businesses will not be able to adapt to the effects of Covid-19,

There is going to be loss of employment, 25% of formal jobs will be lost and 75% of casual/temporary jobs will be lost as businesses lay off workers given the sharp contractions in many sectors

The report further projects that there will be a budget deficit due to increased government spending due to the pandemic and that the economy will contract by 9%. It further gives recommendations like imposing a partial lockdown in some sectors and waiving April PAYE for companies.

Source: The Zimbabwe Independent 



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