OECD urges SA to step up structural reforms to overcome virus fallout
International body forecasts record unemployment and dire fiscal position due to pandemic
The Organisation for Economic Co-operation and Development (OECD) has become the latest international body to urge SA to accelerate reforms as it forecast a collapsing economy, record unemployment and a worsening fiscal position due to the Covid-19 pandemic.
The Paris-based body, whose members are the world’s richest democracies, said SA’s economy could contract 7.5% in 2020. But that was only if the Covid-19 outbreak was contained and it also saw an "equally likely, double-hit" scenario, which would see further outbreaks in all economies later in 2020.