Ramaphosa says difficult decisions and days lie ahead
Written by Lethiwe Mdluli on 22 June, 2020
President, Cyril Ramaphosa, says the country’s economy is in the throes of the anticipated fallout from the coronavirus pandemic, and the predictions of businesses shutting down and jobs being lost are materialising.
In April, the International Labour Organisation forecast there would be around 305-million job losses worldwide due to the pandemic.
In his weekly newsletter, Ramaphosa says for a country such as ours, which was already facing an unemployment crisis and weak economic growth, difficult decisions and difficult days lie ahead.
He says the economic hardship that has been forced on a number of companies in the private sector will be forced on a number of entities in the public sector as well.
He continues saying government, business, labour and civil society will have to deepen their collaboration as never before in driving the national recovery effort.
Ramaphosa says there are no quick-fixes and South Africans have to be realistic about prospects, especially about the time it will take for the economy to recover.
He says even the advanced economies will contract substantially because of COVID-19 and it will take a long time for economic output to return to pre-pandemic levels.
By:Gagasi FM News