Finance Minister Tito Mboweni says as a result of the COVID-19 pandemic, the country’s economy is projected to contract by 7.2% in 2020.
With several businesses facing the bleak prospect of shutting down as a direct consequence of the COVID-19 pandemic, President Cyril Ramaphosa has urged that such decisions be carefully taken.
President Cyril Ramaphosa says government has started a process of implementing an economic recovery plan, which is coupled with preserving the livelihoods of South Africans and saving lives.
The South African Government has taken note of the Johannesburg High Court ruling, which declared COVID-19 lockdown regulations in levels 3 and 4 unconstitutional and invalid.
With just four days to go until South Africa moves to alert level 3 of lockdown, government is shifting to rebuild the economy which suffered a massive blow as a result of the lockdown.
In preparation for the shift down to level 3 of the nationwide lockdown from 1 June, Cooperative Governance and Traditional Affairs Minister, Dr Nkosazana Dlamini Zuma, has outlined the regulations that will be implemented as government further opens up various sectors of the economy.
President Cyril Ramaphosa has announced that South Africa will move to alert level 3 with effect from 1 June - with more sectors of the economy opening and the removal of a number of restrictions on the movement of people.
A call has been made to South Africans to support locally made products as part of efforts to jump-start the economy in the midst of the COVID-19 pandemic.