Locked
WORLDVIEW: Coronavirus & Moody’s – turning crisis into opportunity
From an SA perspective, the worst has happened. Not only is the country in lockdown as coronavirus spreads, but Moody’s has downgraded our debt to junk.
There's no doubt about it – from an SA perspective, the worst has happened. Not only is the country in lockdown as coronavirus spreads, but Moody's has downgraded our debt to junk.
We are clearly approaching what alcoholics call rock bottom – the low point of our slow slide into economic stagnation. The lockdown means a painful recession, the loss of many small businesses, and higher unemployment, while the downgrade means that financing a recovery is going to be much tougher because SA will struggle to borrow at attractive rates.
In short, things are bad. We should not pretend otherwise. There is nothing to be gained from ignoring reality.
___STEADY_PAYWALL___