This archive report was first published on 13 May 2020.
May 13, 2020
Controlling and containing COVID-19 has been a work in progress, with tentative signs of progress and hopes for a return to normalcy.
However, the real challenge lies ahead – the massive economic, social, and possible political sea change that will continue for many months.
The pandemic has disrupted economies and society at large, with containment measures bringing commercial activity to a virtual standstill. While the cure may have been worse than the virus, the health and medical fallout could have been greater without these measures.
As we enter the long haul, three things need to be borne in mind: the massive repair work needed for those ravaged by the pandemic, the irrevocable change around the world, and the fact that the economy is not just about government revival, but about individual and collective effort.
The government can only facilitate, and it's up to the various drivers of the economy to take up the challenge and adapt to the changing market conditions.
One brutal fact that will come home quickly is that nothing will be the same again. Products will need to be re-evaluated and re-synchronised to the changing market conditions.
Take tourism, for example. The industry will need to look elsewhere – the domestic and regional markets – and offer rates that are affordable to locals. Hotels and transport services will need to reduce prices significantly or risk dropping out of the market.
Our underperforming agriculture sub-sectors, such as rice, sugar, wheat, and maize, should be employing many more and helping the country become more food-sufficient.
Finally, we have hardly scratched the surface of how to get this economy back on its feet. A few tax concessions are just a modest start.
