In this podcast, Prof. Nicola Viegi, the Deputy Director of ERSA and SARB Chair in Monetary Policy Studies at the University of Pretoria, discusses the unprecedented nature of the Coronavirus pandemic. With unknowns regarding how long this shock will last and what the direct and indirect effects will be, there is much uncertainty regarding the impact on the South African economy. While the South African economy was somewhat sheltered during the Financial crisis, the Coronavirus and the resulting lockdown pose a real eternal shock to our economy. At times like this, it is important for Monetary and Fiscal Policy to work together to protect the economy. The resilience of firms also matters because there will be more shocks in future – if not into the public health sector, possibly from climate change. Firms must be able to break through any resistance they face. Change is needed.
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