How the coronavirus is killing SA’s economy, one small business at a time
What happens when a country stops? SA will find out on Friday, when its three-week lockdown begins. Time will tell whether South Africans obey grimly like the Chinese, sing from their doorways like Italians, or find their own unique expression of ubuntu. So far, the outbreak seems to be bringing out the best in the country’s leaders and most of its people — but the economic pain has yet to bite
Faced with the prospect of a huge escalation in Covid-19 infections and a deep recession, President Cyril Ramaphosa launched a salvo of fiscal and containment measures on Monday night, adding SA to the ranks of countries that have imposed national lockdowns.
The president pledged to use all measures within his power to offset the economic costs of the crisis — an undertaking that was extended to the SA Reserve Bank, which Ramaphosa said is ready "to do whatever it takes" to keep the financial sector well oiled...