Wait for the new normal
Predictions about life in SA after Covid-19 are mostly dire, but there is also hope that good may come of it, writes Donwald Pressly
SA entered the Covid-19 lockdown already weakened at its fiscal knees, some would say. Now the SA Reserve Bank’s Lesetja Kganyago forecasts the economy will shrink up to 4% this year, and most pundits say it will be nearer 10%. Yet there are those who see something positive growing out of the crisis: a new economic sanitiser, killing off redundant industry and forcing a refocus on building a robust tertiary industrial sector.
But before this deep cleansing of the economy is complete, certain economists, like Impact Investment Africa’s Chris Hart, predicts SA Inc is likely to shed millions of jobs.