WC authorities busy with scenario planning for Covid-19's economic impact
Head of department, Solly Fourie, says the provincial government is collaborating with academics and private sector experts for its forecasting.
However, Fourie warns that standard economic impact modelling cannot be applied in the unprecedented context of the Covid-19 pandemic.
He says the provincial economy will face three scenarios: mild, medium and severe.
Each scenario depends on the extent to which the virus escalates.
Fourie says government departments will need to think and strategise differently to help revitalise the economy.
Fourie stresses that Covid-19 is a humanitarian crisis before it is an economic crisis.
We are not going to have a return to normal when we come out of this lockdown period and start with economic revitalisation.Solly Fourie, Head of Department - Economic Development and Tourism at Western Cape Government
Our normal forecast based on historical business cycles is not going to work for us as we look at how to shape a revitalisation.Solly Fourie, Head of Department - Economic Development and Tourism at Western Cape Government
Our economic activity has largely been focused on how do we support businesses during the lockdown phase.Solly Fourie, Head of Department - Economic Development and Tourism at Western Cape Government
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