Recovery from Covid-19 will be slow, warn Investec bosses
The shock to the economy will be worse than the global financial crisis, says local CEO Richard Wainwright
The boss of Investec Bank’s local arm says the impact of Covid-19 will be sharper than that of the 2008 global financial crisis and he expects a long, gradual recovery in economic activity.
“The contraction and recovery will most likely be L-shaped and will take much longer than the global financial crisis. It is a massive shock. Even during the global financial crisis we didn’t see revenue for some businesses go to zero like we have with Covid-19,” says Investec Bank SA CEO Richard Wainwright.