President chairs meeting on economic impact of lockdown


President chairs meeting on economic impact of lockdown

The president carried out the meeting on-line from his Johannesburg residence.

As the lockdown continues, fears for the economic system and the consequences it should have on peculiar individuals start to develop.

President Cyril Ramaphosa carried out a meeting with the National Economic Development and Labour Council on Friday morning.

According to the presidency, the meeting targeted on mitigating the economic impact of the Covid-19 pandemic and the resultant lockdown on South Africa.

The president heard views from authorities, labour, group and enterprise.

Ramaphosa carried out the meeting just about from his non-public residence in Johannesburg.

There have been dire predictions of economic catastrophe ensuing from the suspension of economic actions following the Covid-19 lockdown, some economists predict an 8-10% economic contraction for 2020.

Fears have been boosted by the uncertainty surrounding the size and scope of the lockdown. 

Some economists have even predicted a attainable 300,000 deaths from poverty attributable to loss of jobs and revenue. This relies on Greece’s expertise after the 2008 monetary disaster when the economic system shrank by a couple of quarter.

The economists say there’s a correlation between a shrinking economic system and rising demise charges from a range of causes.

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live at 2020-04-19 11:58:51



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