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Moneyweb reports that the SA Reserve Bank (SARB) released its bi-annual Monetary Policy Review (MPR) on Wednesday, in which it warned that the economy could be further negatively impacted by the emergence of new waves of Covid-19 infections should the country not reach herd immunity.
The central bank however said the impacts to the economy would likely decrease with each new wave, as the “economy adjusts to its new way of operating and as an increasingly large share of the population develops natural immunity from exposure to the virus”. “The SARB assumes that about 10% of the population will be vaccinated by the end of the second quarter of 2021, slowly rising to 67% by the middle of 2022,” it indicated in the MPR. SA’s economy contracted by 7% in 2020, which was in line with market expectations following the outbreak of the coronavirus and the subsequent lockdown. SARB has projected a growth rate of 3.8% in 2021, followed by moderate growth of 2.4% in 2022 and 2.5% in 2023. The economy is only expected to reach pre-Covid levels in 2023. Widespread vaccination is expected to curb the spread of Covid-19, thereby reducing uncertainty and allowing for reduction in disruptions to economic activity. The country’s vaccination rollout has however been marred by disruptions which could cause a rise in infections.
- Read the full original of the report in the above regard by Thando Maeko at Moneyweb
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