(5 minutes read)
· South African President Cyril Ramaphosa said proposals for rejuvenating the ailing South African economy would be finalized within three weeks
· Stats South Africa also announced that household expenditure during the COVID-19 pandemic has shrunk by nearly 50% between April and June 2020. Consumers spent less in markets that were predominantly forced to close during the nationwide lockdown
· However, communications services received a boost as South Africa’s workforce started working from home
South African President Cyril Ramaphosa said proposals for rejuvenating the ailing South African economy would be finalized within three weeks. He promised that the government would execute them in letter and spirit.
The South African President was speaking at the National Editors Forum yesterday. The statement assumes importance coming close on the heels of the devastating announcement recently that the South African economy has shrunk 51% in the second quarter of the current fiscal, a record fall, which sent many into a tailspin. According to reports including by www.trendsnafrica.com, many companies have closed down and an equal number of them are contemplating closure some time down the line. A number of professionals and workers have applied for migration to other countries.
Stats South Africa also announced that household expenditure during the COVID-19 pandemic has shrunk by nearly 50% between April and June 2020. Consumers spent less in markets that were predominantly forced to close during the nationwide lockdown. However, communications services received a boost as South Africa’s workforce started working from home.
Sectors like tourism and hospitality have come out with its worst numbers, perhaps the worst in their history, which led to a massive dip in consumer spending. While cigarettes registered an all time dip in sales, alcohol manufacturers had to depend on exports for their revenue.
With offices forced to close and many companies forced to pivot their operations to the homes of employees, it became essential that data and WiFi services were in place, which helped the telecom and internet companies to perform well during the pandemic. Education sector was also doing well since the students mostly resorted to online learning.
