South Africa stands to lose five years of potential economic output due to the shock from the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.
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South Africa’s economy could contract by between 2% and 4% this year due to the coronavirus pandemic and measures to curb its spread, according to the Reserve Bank.
The rand hasn’t hit rock bottom yet. Even after falling to its weakest level on record against the dollar this week, South Africa’s currency has a better chance of extending the decline in coming months.
A new report proves what everybody already knows: businesses cannot operate without electricity and without operating businesses the economy cannot grow.
Removing policy uncertainty in South Africa, allocating new broadband spectrum and changing visa regulations could immediately boost the country’s flagging economy, Reserve Bank deputy governor Kuben Naidoo said.