Western Cape Finance and Economic Opportunities MEC David Maynier on Tuesday said the province’s economy would bounce back.
Maynier delivered the annual Provincial Economic Review and Outlook and Municipal Economic Review and Outlook research documents which outline key economic trends and developments in the Western Cape.
Maynier delivered his speech during a hybrid sitting of the provincial legislature, where some members were present while others viewed the sitting virtually.
They expect the Western Cape economy to grow at an average annual rate of 1% between 2020 and 2024.
Covid-19 had a serious effect on the revenue for the province. The travel and alcohol industries “were particularly hard hit due to the travel and alcohol bans in place under the Covid-19 lockdown restrictions, with the wine industry losing an estimated R300-million per week under alert Level 5 restrictions with 350 wine producers going out of business”, said Maynier.
Maynier emphasised the long-term impact the COVID-19 pandemic would have on the lives of all South Africans.
He said when South Africa entered the national lockdown in March, the country was already on an economic backfoot.
Maynier also elaborated on the province’s economic recovery plan set to bring relief to those hardest hit as a result of the pandemic.
A number of local government initiatives have been rolled out to stimulate various provincial economic sectors.