Between 690 000 and 1.79 million South Africans are likely to lose their jobs as a result of the Covid-19 pandemic and measures adopted to curb infections, according to the Treasury.
Treasury also projects an economic contraction of between 5.4% and 16.1%.
The Treasury’s initial job-loss estimates at the end of April suggested job losses could be between three and seven million.
Fin24 reported that a revised presentation puts likely job losses at 690 000 in the event of a quick post-covid recovery, and 1.79 million in a worst-case scenario.
Sectors likely to be most deeply affected were manufacturing, construction, trade, catering and accommodation and financial and business services.
The new figures took into account measures adopted during the lockdown to mitigate the impact on jobs.
The report noted that South Africa lost one million jobs during the global recession of 2008/09.