The South African economy is slowly starting to ramp up, this with lockdown restrictions slowly being eased. But the festive season is just a few weeks away, begging the question of whether the economy can afford any more down time?
Economic activity had been subdued for five long months due to the lockdown which had exacerbated recessionary conditions. Projections were for a contraction of anywhere between 7% and 13%. The Reserve bank most recently revised down the growth forecast from -7.3% to -8.2%. This was worse than Treasury's forecast of a 7.2% contraction. The OECD's latest projections were for a contraction of 11.5%.