SA failed to return to its healthy pre-crisis growth path after the 2008 global financial meltdown. Instead, its growth potential more than halved. Covid-19 has further eroded that potential by destroying firms and jobs, fuelling concern that the country could take longer to recover from the pandemic than most.

Globally, the initial pick-up in activity has mostly been rapid, though fears of a second wave of infections and consumers’ innate caution are likely to prevent a fully V-shaped recovery around the world.

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