The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. According to World Bank forecasts, the global economy will shrink by 5.2% this year. That would represent the deepest recession since the Second World War, with the largest fraction of economies experiencing declines in per capita output since 1870, the World Bank says in its June 2020 Global Economic Prospects. Read more in the linked  World Bank media statement.

The Covid-19 pandemic is a global health crisis without precedent in living memory. It has triggered the most severe economic recession in nearly a century and is causing enormous damage to people's health, jobs and wellbeing. The June 2020 OECD Economic Outlook  focuses on two equally probable scenarios - one in which a second wave of infections, with renewed lockdowns, hits before the end of 2020, and one in which another major outbreak is avoided.

Eskom has provided details of the company's operational performance and the system outlook for the winter period during the status of the power system briefing on 21 May 2020. Eskom group chief executive, André de Ruyter revealed that despite facing major challenges in the past four months, Eskom has seen good progress in the five key elements of the organisation's turnaround plan. These are achieving operational stability, improving income statements, strengthening the balance sheet, embarking on organisational restructuring, and inculcating a high performance culture. Please click here to access De Ruyter's presentation on Eskom's key strategic priorities. Eskom chief operating officer, Jan Oberholzer indicated that by the second week of April 2020, maintenance increased by about 63% from 3 600MW, prior to the national lockdown, to 9 800MW. Meanwhile, 6 776MW capacity is currently being maintained against a pre-lockdown plan of 4 200MW. Please click here for the presentation on the status of the system.

Nedbank hosted a live agriculture webinar on 4 June with the theme "Analysing the impact of Covid-19 on agriculture." Prof. Ferdi Meyer, managing director of BFAP, talked about the impact of Covid-19 on agriculture and Agbiz CEO Dr John Purchase's talk covered observations and learnings from Covid-19 and the way forward for South African agriculture. Please click here to register in order to view the webinar.

" We must look beyond the underlying economic problems faced by South Africa for the opportunities generated by a growing urbanised population."  Prof. Philippe Burger, pro-vice-chancellor for poverty, inequality and economic development at the University of the Free States calls this vision, the 'future South Africa vision'; a vision where economic growth is high, inclusive, green, investment-driven and urban-focused.  Participating in PMA Southern Africa's fourth PMA Talks this week, Prof. Burger said South Africa was already in an economic recession before the Covid-19 pandemic. Read more in the linked PMA media statement.