“The coronavirus is mostly to blame for the recent collapse, the deterioration in SA’s economic and fiscal strength over the past decade is not the result of external shocks but the government’s failure to change its approach to managing the economy.”
“Most provinces have reported lower COVID-19 infection rates but infections in the Eastern Cape — and in particular Nelson Mandela Bay — have spiked in the past few weeks.”
“Despite a swift jobs rebound after South Africa’s strict lockdown, permanent economic scarring due to COVID-19 in an already fragile economy will likely cause unemployment to keep rising, even as the pandemic fades.”
“Citizens embraced the strict early measures and welcomed the government’s explanation for the need for it. But the cost has been very high – to the economy and to individuals – and the hard lockdown was ended before the country approached a peak in the infection rate.”
“Edcon, until recently SA’s largest clothing retailer, is filing for business rescue to allow it to continue trading… Edcon will become the second high-profile SA business to be placed in business rescue in recent months, following SAA, which took this route at the end of 2019 after racking up huge debts.”
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