Crime costs SA’s economy R700bn a year, says World Bank report
Confronting problem of crime and its socioeconomic costs is critical, lender says
22 November 2023 - 21:14
UPDATED 22 November 2023 - 23:12
A new report from the World Bank has highlighted the huge toll SA’s high crime rate is taking on the economy, with the bank estimating crime costs the economy R700bn a year, undermining SA’s growth potential and the welfare of its citizens.
If businesses alone could invest some of the amount they spend on security on productive ventures instead, SA’s growth potential could increase by about one percentage point, says the bank in its latest annual economic update on SA...
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