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WC economy will bounce back, says finance MEC

They expect the Western Cape economy to grow at an average annual rate of 1% between 2020 and 2024.

Picture: 123rf

CAPE TOWN - Western Cape Finance and Economic Opportunities MEC David Maynier on Tuesday said the province’s economy would bounce back.

Maynier tabled the Provincial Economic Review and Outlook and the Municipal Economic Review and Outlook in the Provincial Legislature on Tuesday.

They expect the Western Cape economy to grow at an average annual rate of 1% between 2020 and 2024.

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.

“South Africa was already experiencing it’s third consecutive quarter of economic decline as a result of pre-existing vulnerability, slow economic growth, high unemployment, unreliable electricity supply and failing state-owned enterprises.

Maynier also elaborated on the province's economic recovery plan set to bring relief to those hardest hit as a result of the pandemic.

“Which is why Premier Alan Winde has announced a new set of priorities, jobs and safety and indemnity, which together form the pillars of the recovery plan in the Western Cape.”

A number of local government initiatives have been rolled out to stimulate various provincial economic sectors.

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