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Can SA economy recover after COVID-19? What will it take for it to bounce back?

21 July 2020 8:23 AM
Tags:
Economy
SA
Pandemic
COVID19

Standard Bank SA CEO Lungisa Fuzile says the economy was in trouble before the virus and it just exacerbated those problems.

The COVID-19 pandemic has impacted on South Africa's economy heavily.

Standard Bank South Africa chief executive officer Lungisa Fuzile says for the country's economy to recover, the pandemic should be used to lay a foundation for economic recovery.

RELATED: Tips to pay less tax - and to get a refund from Sars - when working from home

He joins Bongani Bingwa to discuss how the economy can recover after this pandemic.

Whilst we look at the crisis and see its impact on us and compare ourselves to other countries, we must remember that we had a near crisis of our own even before the pandemic broke.

Lungisa Fuzile, CEO - Standard Bank South Africa

The economy was not growing and in the years that the economy grew, it didn't grow fast enough to absorb the sufficient number of the people who are draining the workforce, he says.

The economy had problems before COVID-19 and the pandemic has served to exacerbate those problems. The jury is out on whether South Africa has managed the pandemic well, as the pandemic is still happening.

Lungisa Fuzile, CEO - Standard Bank South Africa

In the beginning of the lockdown, there was overwhelming support of how the government was handling the pandemic, he adds.

He says there are actions to try and save the economy and actions are being taken in the health sector as well.

Listen below to the full conversation:


21 July 2020 8:23 AM
Tags:
Economy
SA
Pandemic
COVID19

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