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In this lifetime, we are faced with many uncertainties. The global Covid-19 pandemic has seen unprecedented economic disruptions during the last few months, whereby many industries came to a standstill due to the lockdown measures and efforts have been put in place by the South African government to curtail the coronavirus. In its response to Covid-19 and aims to stimulate the economy, the government introduced a number of economic relief measures. Although these measures have already been put in place, it could however, take years before the country fully recovers from what is already a struggling economy.
There is a great deal of pressure on the South African government to find solutions to pilot the country in the right direction. Although this global pandemic may have had a negative impact on the economy, it afforded the South African government an opportunity to correct the wrongs which have been in existence for a long period of time in order to build a better South Africa for all.
As many people return to work and resume parts of their lives that have been on hold since the beginning of lockdown, the question that remains is how will the economy recover and how will a “post Covid-19” economy in South Africa look like? Will the aftermath be as painful as what we have endured thus far?
The future is not completely grim for a post Covid-19 economy. Notably, service delivery in the country has improved. Many speak of a post Covid-19 economy in South Africa, yet no one is certain of how exactly that will look like. It is safe to say that we should accept that the world will be remarkably different post the global pandemic and it is imperative that we manage the South African economy in the context of facing the challenge of the pandemic.
The global pandemic allows for an opportunity to reshape the economy and address the many socio-economic challenges we face in the country.
A post Covid-19 economy expedites for technological innovation, transformation and restructuring in South Africa. A post Covid-19 economy and technological innovation will shape the future for many communities.
In terms of the business landscape, businesses now have a bigger social responsibility in the communities which they find themselves. Not only do businesses need to build forward but there is a need to make an invaluable contribution to different sectors within our society with much needed resilience. One way of restoring economic activity from a lockdown is to focus on priority sectors, the same way the government needs to cut on their budget allocations in certain departments in order to accommodate departments such as Transport, Health, Education and Mining that have a multiplier effect and can help with economic growth. A post Covid-19 economy should possibly look into doing without some government departments and have others operating as a government agency. Other industries such as tourism, hospitality, restaurants, beauty services and the arts account for a large proportion of employment in South Africa and innovative strategies will require for more controlled operations.
The World Economic Forum (“WEF”) has established a Covid-19 Action Platform recovery¹ which aims to assist companies in recovering in a smart efficient way and adding new methods of trading namely:
- Assess and lean into your organizational strengths
Through infrastructure, supply chain and reach, employee and customer-base reach and comparative industry know-how affords businesses the opportunity to have an oversized impact.
- Be ambitious and creative in defining where you can have the broadest impact.
In order to strengthen the communities in which you already operate, assessing issues such as inequalities and unemployment, by using innovative methods much can be done.
- Unleash new multiplier partnerships
Covid-19 has shown not only rapid mobilization across all sectors, but also a new wave of multiplier partnerships, that prioritize impact over competitive business considerations and create innovative synergies. This is a defining moment of our time and even more reason for South Africa to build forward.
1 https://www.weforum.org/agenda/2020/06/3-ways-companies-build-resilient-society-after-covid-19/
Business will have a pivotal role and responsibility in driving recovery and building a greener, fairer and smarter world.
Another important factor is for South Africa to look into guaranteed economic security beyond the pandemic. The government introduced the Covid-19 Social Relief of Distress grant to those that are unemployed and who do not qualify to receive any social grant. This is itself is not sufficient in a country that many live form hand to mouth. Although economic distress is a reality for many, the global pandemic further deepens and broadens the economic crisis we face in South Africa. Inevitably, a post Covid-19 economy may require the guaranteeing of economic security.
No one is certain of how a post Covid-19 economy will look like, yet there is certainty that things will never be the same again. The public health system will have to be reformed, the economy needs to be repaired and a clear path is required to recovery. A post Covid-19 economy will require all hands on deck and will certainly need to be inclusive. We simply cannot return the economy to where it was before the pandemic. This will mean that the government must continue to prioritise its own efforts and rigorously support employment creation and equity. Business must take on the challenge to invest in new businesses. Furthermore, business should tirelessly work with the government to address inefficiencies and constraints across the economy and partner up to create new opportunities.
While it is too early to declare victory, the road to economic recovery provides us all with an opportunity to reimagine an economy that is inclusive and relevant to us all South Africans. The upside of the Covid-19 outbreak is that we will be able to build a more effective economic system that leaves us more resilient and with the ability to face any future pandemics.
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