What does our economic future look like in the face of COVID-19?
The COVID-19 pandemic is the biggest disruption to the global economy since the bankruptcy of Lehman Brothers in 2008 and has forever changed the business landscape.
Experts agree that a global recession is eminent and is due to last for a while. Even the world’s healthiest economies now face negative growth rates and developing economies find they lack the financial resources to accelerate recoveries.
South Africa, in particular, is already experiencing a recession and low growth due to the combined effects of pre-existing financial stressors, our junk credit status and others such as load-shedding, and as such, the South African Reserve Bank anticipates a 3-4% contraction in 2020.