Following the Covid-19 pandemic’s “devastating impact” on the South African economy, it is “critical” that President Cyril Ramaphosa identifies what measures the South African government will implement to affect the country’s economic recovery, says Herbert Smith Freehills (HSF) Africa Group global co-chairperson Peter Leon ahead of the President’s State of the Nation Address (SoNA) on February 11. Referring to the World Bank’s Global Economic Prospects Report, published in January, Leon says South Africa’s gross domestic product (GDP) likely contracted by 7.8% in 2020.
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