The World Bank’s latest economic update has shed light on the profound impact that organized crime has on South Africa’s economy. Crime is costing the nation a staggering R700 billion each year, which is hampering economic growth and affecting the well-being of its citizens.
In the report titled “Safety First,” released today, Bénédicte Baduel and her team reveal that criminal activities are responsible for subtracting roughly 10% from South Africa’s GDP. The losses are incurred through direct thefts and robberies, which account for 3% of GDP, as well as additional security measures that businesses are compelled to undertake, surpassing global norms. These expenditures, along with crimes against infrastructure, lead to missed economic opportunities.
Read More : World Bank: South Africa’s Economy Drains R700bn Every Year Due to Crime