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
21 May 2020 - 19:15
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.
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