What have business leaders done to reassure and support their workforce through the Coronavirus crisis?
Derrick Planting Partner Friisberg & Partners South Africa
South Africa faces a few unique problems in that we have been hit by both the Corona virus and a global downgrade to sub-investment status which has created several challenges including a massive capital outflow and 20/25% depreciation of the Rand versus other major currencies in an already flat to no growth economy. This is likely to result in a negative growth of close to -10% and more over the next year or two. Our lock down will likely create bigger unemployment – pre-Covid currently on 30% but likely to grow up to 50% -which will need major social refocus and attention. The current GDP $360 Bill p/a growth is slow and flattening with a weak Rand, but this does offer great potential for exports if we can leverage our farming, value added manufacture and well trained, inexpensive contact centre technology – sadly tourism will need to be virtual and monetised. Current growth industries remain Telcomms, Healthcare, Education especially on line, IT, Agro processing, Manufacturing/ value added exporting, Contact Service Centres and Digital/IT marketing skills.