The South African economy finds itself on the edge of a fiscal cliff, especially as the Covid-19 pandemic has caused a “massive and rapid shock”, says law firm Herbert Smith Freehills partner and Africa co-chair Peter Leon. While the effects of the pandemic were initially localised to Asia, Europe and the US, the virus has transmitted rapidly in South Africa and the rest of the continent, with a dual impact on the demand and supply side of the affected economies.
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