South Africa’s economy could contract by as much as 16.1% this year, depending on how long it takes to contain the coronavirus pandemic and how much the economy has recovered by the end of this year, Treasury’s estimates show.
Treasury and tax officials, who briefed legislators on the potential impact of the virus on Thursday, said that the finance minister would present an adjusted budget that would account for the impact of the pandemic and economic relief measures only next month or even in July.
We have to move quickly to get the economy back to normal, but also take into account that we have to contain the impact of the virusManufacturing, construction, trade, catering and accommodation, as well as financial and business services, will be the worst affected sectors. The country was counting on accessing R5.07 billion from multilateral lenders and development banks, including the International Monetary Fund, the World Bank and the New Development Bank, to help finance government’s stimulus package.
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