SA economy is expected to recover from the worst of the pandemic
In 2020, the economy fell into a sharp recession, leading to huge loss of income for both households and businesses.
However, the economy is expected to return to the pre-pandemic level in 2022. Even so, the recovery is good news for the business sector and households. Recently, the daily rates of infections plunged, officially marking the end of the third wave, and this paved the way for the Covid-19 command team to relax restrictions to alert level 1.
Still, it is not business as usual as contact-intensive industries are still suffering more. Moreover, a need for regularly sanitising is raising the cost of running businesses as supplies have to be procured. And, in most instances, a dedicated person is employed to administer the sanitiser and check temperatures.
Some businesses have had to reduce their staff complements, and in turn, this has worsened the state of joblessness. In addition, challenges such as theft, crime and cybercrime have increased, adding to the costs of doing business. This is good news for businesses because demand can be expected to continue to recover. After all, SA is a small, open economy. These developments will present opportunities for domestic economic activity.
The pandemic has demonstrated that it is possible to work from anywhere in the country and the world. This means people don’t have to leave the destination of their choice to work. Talent can be attracted and kept from anywhere in the country. Both businesses and labour stand to benefit.
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