'The lockdown must end!'
The lockdown must end, says George Glynos, Head of Research at ETM Analytics.
Glynos joins a growing chorus demanding that the economy must be allowed to restart.
On Monday, a group of 19 doctors penned a letter to President Cyril Ramaphosa in which they appealed to him to immediately end the “hard” lockdown.
As those who are most at risk once the pandemic takes off in South Africa, we do not request this lightly.19 doctors to President Ramaphosa
We see far greater harm to our healthcare system and our economy by further delaying the inevitable spread of the virus. Ongoing “hard lockdown” will likely cause far greater suffering in the short and long term than the pandemic itself.19 doctors to President Ramaphosa
Life needs to go on if we are to survive in any respectable form.19 doctors to President Ramaphosa
The Money Show’s Bruce Whitfield interviewed Glynos.
I’m not sure the full consequences of lockdown were understood by the government… Hence the lack of economic response up to now…George Glynos, Head of Research - ETM Analytics
Life in South Africa has changed… We estimate the economy will shrink by 8% this year… taking the debt-to-GDP ratio at 75%, and that’s before the stimulus measures… All of a sudden, you’re talking about 90% to 95% debt-to-GDP!George Glynos, Head of Research - ETM Analytics
We’re borrowing from future generations… This lockdown needs to end… South Africa is not a developed economy… We need to stop acting like we’re like the US or Europe…George Glynos, Head of Research - ETM Analytics
Awful tradeoffs need to be made, right now… We didn’t look after our fiscal situation over the past 10 years.George Glynos, Head of Research - ETM Analytics
Listen to the interview in the audio below.
Source : Ramzi's Food/Instagram