President chairs meeting on economic impact of lockdown
As the lockdown continues, fears for the economy and the effects it will have on ordinary people begin to grow.
The president conducted the meeting online from his Johannesburg residence.
President Cyril Ramaphosa conducted a meeting with the National Economic Development and Labour Council on Friday morning.
According to the presidency, the meeting focused on mitigating the economic impact of the Covid-19 pandemic and the resultant lockdown on South Africa.
The president heard views from government, labour, community and business.
Ramaphosa conducted the meeting virtually from his private residence in Johannesburg.
There have been dire predictions of economic disaster resulting from the suspension of economic activities following the Covid-19 lockdown, some economists are expecting an 8-10% economic contraction for 2020.
Fears have been boosted by the uncertainty surrounding the length and scope of the lockdown.
Some economists have even predicted a possible 300,000 deaths from poverty caused by loss of jobs and income. This is based on Greece’s experience after the 2008 financial crisis when the economy shrank by about a quarter.
The economists say there is a correlation between a shrinking economy and rising death rates from a variety of causes.
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