South Africa: Xenophobic violence ground businesses

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South African companies and retail stores like, Shoprite and PEP, as well as telecoms firm, MTN, in Lagos and other states are still counting losses following the reprisal attacks.

The latest development follows xenophobic attacks on Nigerians and other African migrants in South Africa since August 28, leading to loss of lives and the destruction of dozens of businesses owned by Nigerians.

These have run into millions of dollars affecting daily production and rendering of services.

In other developments, DR Congo, Malawi and Rwanda have boycotted attending the World Economic Forum in South Africa.

In the midst of all these, on Tuesday, according to Statistics South Africa in its second quarter economy report, South Africa’s market fore-casted an increase of around 2.5% for the second quarter of the year but the economy surpassed this, mainly on the back of the mining and quarrying sector

The South African Reserve Bank estimates that the economy will grow by a paltry 0.6% this year.

While the economy grew in the second quarter, so did unemployment – from 27.6% to 29%.

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