Minister plays down estimates by economists
Estimates by economists of how much the lockdown has cost the economy were a “thumb-suck”, according to trade & industry minister Ebrahim Patel. He said the government had not calculated the cost.
It has been reported that the daily losses are between R13bn and R20bn. Patel said the real figures have yet to be known. “All of the food industry was at work during this period and was producing. All the health-care suppliers and industry were at full production.”He said estimates by the Industrial Development Corporation indicated that sectors that account for about 50% of economic output would be back at work under level 4. Including those working from home would bring it closer to 60%, he said.
Government financial support to companies must be based on strict conditions, such as protecting jobs and improving productive efficiencies.“The first step is to reduce the chance of regressing.
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