Pres. Cyril Ramaphosa says in his weekly newsletter that even the economies of financially strong countries will take a long time to reach the level they were in before the pandemic.
The country needs to be realistic about how long it will take the economy to recover after the damage the Covid-19 pandemic has done over the last three months.
There are no quick fixes.
But despite all this, the country must remain optimistic, the president writes.
“We will continue to try our best, despite all the hardships caused by the restriction.
“The restriction was necessary to save lives. There is no price for human life, ”says Ramaphosa.
“It is now time to put our shoulder to the wheel and turn this backlash into an opportunity.
Let’s rethink the economy and set new goals so that we can put the country’s economy on a solid and sustainable path. “
The president says that, like other countries, South Africa is part of the global economic crisis.
The predictions that businesses will have to close their doors and lose jobs are becoming a reality.
Several companies in South Africa announced plans last week to reduce their staff – from the aviation, hospitality and entertainment industries.
Some companies have to close their doors permanently. Some of the smaller companies’ turnover was completely wiped out.
South Africa is not alone. In Italy, Britain, the USA, Germany, India and China, jobs were lost due to the restriction.