South African economic activity has rebounded quicker than expected, but the country is racing to roll out Covid-19 vaccines as a third wave looms.
The South African Reserve Bank said the economy was continuing to rebound from a 2020 recession that saw gross domestic product contract by 7%, its steepest decline for over a century.
In its Financial Stability Review on Thursday, the South African Reserve Bank said the economy was continuing to rebound from a 2020 recession that saw gross domestic product contract by 7%, its steepest decline for over a century. "Google Mobility data, which has proven to be a good indicator of economic activity, has improved to its best levels since the coronavirus shock occurred," NKC senior economist Pieter du Preez highlighted in a note Wednesday.
To date, the country has reported a total of over 1.6 million Covid cases, and more than 56,000 deaths, according to data compiled by Johns Hopkins University. South African President Cyril Ramaphosa visits the coronavirus disease treatment facilities at the NASREC Expo Centre in Johannesburg, South Africa April 24, 2020.South Africa has begun working toward its goal to vaccinate 5 million senior citizens by the end of June and 67% of its 60 million population by February.
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