HILARY JOFFE: The contagion we have to fear manifests in rands and cents
It's not clear how effective monetary policy will be in stimulating economies in the new, unprecedented corona crisis world
A business-class problem, not an economy-class one. That was one description this week of the coronavirus in SA, where so far most of those infected have been affluent folk returning from skiing in Europe. No doubt it will get worse, possibly a lot worse in a country with a high rate of HIV, even though SA's youthful demographic may help to keep the mortality rate lower than in, say, elderly Italy. At least for now the weather is in our favour and we are in a bit of a bubble, insulated from the panic that has gripped the world.
There are big questions about whether SA's dysfunctional health-care facilities are up to the task. At least for now, though, the government's response has been swifter, more sensible and more private sector-friendly than usual and its communications clearer than those of many global counterparts...
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