South Africa’s economic recovery is making good but slow progress amid the challenges of the Covid-19 pandemic, South African Reserve Bank governor Lesetja Kganyago told Parliament’s Standing Committee on Finance in Cape Town.
According to Kganyago’s brief on Thursday, the country’s economic recovery was slow in some sectors while other sectors have rebounded to pre-pandemic levels.
He said sectors like mining, tourism, manufacturing, domestic vehicle sales and goods exports were starting from a low point in the recovery process.
However, food and drink as well as fitness, healthcare, beauty and retail sectors had shown that their recovery had reached pre-Covid-19 levels, he added.
Kganyago said unemployment would remain a long-term challenge for the country, with two million jobs lost in the second quarter of the year.
Overall, the economic recovery was expected to be relatively slow despite the multibillion dollar stimulus package distributed to certain sectors and vulnerable populations, the governor said.
NM/jn/APA