Finance Minister Tito Mboweni said that the country’s recession would deepen this year due to the COVID-19 pandemic.
Mboweni said that COVID-19 was one of the greatest challenges that’s ever faced South Africa but he’s confident President Cyril Ramaphosa has chosen the right path for the country.
The minister said that the out-of-control pandemic would hit an already struggling economy extremely hard.
He said that going into this crisis, the economy was already in recession. He doesn’t doubt that COVID-19 would further deepen the country’s economic downturn.
Mboweni said that the central scenario for the country’s economy was a deep recession but he’s optimistic, saying that this would be followed by a rapid upswing in economic growth.
The finance minister said that these economic pressures meant turning to the World Bank and other financial institutions for relief funding.
In other news – This is too much, Trevor Noah’s ‘white brother’ – Watch
Somewhere somehow you do have a person who looks like you, if not your twin. At times when you see someone alike to you, you would wonder if maybe your parents did something, Lol! But that is how is the world we live in that one day you will come across someone who looks exactly like you.