BUSINESS DAY SPOTLIGHT
PODCAST | Economic news of the week: SA needs to rethink its place and relevance in the global economy
As the country prepares to enter level 1 of the national lockdown, we talk to Martyn Davies of Deloitte
In this edition of Business Day Spotlight, we look back at the top economics news of the week as the country prepares to enter level 1 of the national lockdown.
Our host Mudiwa Gavaza is joined by Martyn Davies, MD of emerging markets and Africa at advisory firm, Deloitte.
Join the conversation:
Earlier this week, President Cyril Ramaphosa announced that SA will be loosening lockdown restrictions further, moving to level 1 from midnight on Sunday September 20, as the country tries to claw back to the losses brought on by Covid-19.
Davies says this is a positive step for the country, particularly businesses, which will mostly be able to operate as normal now. However, some of the remaining safety and health risks, together with public health concerns, may affect when operations will really be able to go back to pre-coronavirus levels.
Davies details some of the concerns that businesses still have based on interactions with their clients. He also talks about what needs to be done to get SA back on a growth path, saying the recovery is likely to be state-led, not consumer- or business-led.
In addition to news about moving to level 1, this week Stats SA reported that retail sales contracted 9% year on year in July, while the SA Reserve Bank chose to hold interest rates steady, signalling that cuts to the cost of borrowing have come to an end.
The conversation also touches on the rise and fall of globalisation, SA’s place in the global economy, the role of policy in enabling growth, how other countries are likely to fare, and an outlook for SA.
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• Business Day Spotlight is a MultimediaLIVE production.
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