LUMKILE MONDI: SA’s bone-headed economic policy
The coronavirus is a force of economic destruction. But in SA, much of this destruction has been the result of ill-considered government decisions
If you’re looking for signs that SA’s post-coronavirus economy will be somehow much improved, the disturbing signs from the government’s handling of this crisis won’t help.
Take last week’s downgrade of SA’s sovereign rating to BB-by S&P Global Ratings, condemning SA further into junk status. It came just as SA announced a package of R800bn to mitigate the impact of the virus, and position those industries that are labour-intensive and export-orientated for the recovery.