Economy is hanging by a thread | Even if the Covid-19 lockdown was the right step to take, it has clearly caused massive economic damage, panel hears.
If the level 4 lockdown, during which an estimated 60% of the economy is functioning, lasts for the entire year, the economy could shrink by 30%. This will limit the spread of the Covid-19 coronavirus, but will threaten the country’s health in so many other ways.
Even though he believes the lockdown was “99% the right step”, it has clearly caused massive economic damage. Stephan Malherbe, CEO of Genesis Analytics, which was responsible for government’s polling in the public-private growth initiative, said that South Africa had done relatively well in respect of six of the World Health Organisation’s guidelines for lifting lockdowns. One such area was the management of positive cases.
Business for SA , an alliance of volunteers from the business world who are working with government to fight the Covid-19 pandemic, this week pleaded with government to accelerate the process of reopening the economy alongside continued efforts to minimise the impact of the disease. “The full impact of this … will depend on how government manages the phasing in of economic activity.”
Domestic VAT was 4.3% lower than in April 2019. There was a 13% decline in traders who submitted VAT statements and made payments. Monthly payments of those who did submit them was 20% lower on an annual basis and amounted to R1.1 billion less.
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