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Mboweni optimistic of rapid upswing in economic growth after deep recession

Finance Minister Tito Mboweni doesn't doubt that COVID-19 would further deepen the country's economic downturn.

FILE: Finance Minister Tito Mboweni addressing the media prior to his annual Budget speech on 20 February 2018 in Cape Town. Picture: EWN

CAPE TOWN - Finance Minister Tito Mboweni said that the country's recession would deepen this year due to the COVID-19 pandemic.

Mboweni said that COVID-19 was one of the greatest challenges that's ever faced South Africa but he’s confident President Cyril Ramaphosa has chosen the right path for the country.

The minister said that the out-of-control pandemic would hit an already struggling economy extremely hard.

He said that going into this crisis, the economy was already in recession. He doesn't doubt that COVID-19 would further deepen the country's economic downturn.

Mboweni said that the central scenario for the country’s economy was a deep recession but he's optimistic, saying that this would be followed by a rapid upswing in economic growth.

The finance minister said that these economic pressures meant turning to the World Bank and other financial institutions for relief funding.

WATCH: COVID 19 Situation Desk - 14 April 2020 PM

For official information about COVID-19 from the Department of Health, please click here.