The minister said the pandemic was one of the greatest challenges that South Africa has ever faced but also stated that he is confident President Cyril Ramaphosa has chosen the right path for the country.
He said the pandemic would hit an economy that is already struggling. The economy was already struggling going into this crisis and it was already in recession. However, the minister said he doesn’t doubt that the Coronavirus would further deepen the country’s economic growth.
Mboweni added that the central scenario for South Africa’s economy was a deep recession but he’s positive, saying that this would followed by a rapid upswing in economic growth.
The minister said these economic pressures resulted in turning to the World Bank and other financial institutions for relief funding.
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