ABDULLAH VERACHIA AND ADRIAN SAVILLE: We have a chance to ensure inevitable change is for the better

In the Business Beyond Covid series, CEOs and other business leaders and experts in their sectors look to the future after Covid-19. What effect has the pandemic and resulting lockdown had on their industries and the SA economy as a whole? Which parts will bounce back first and which will never be the same again? Most importantly, they try to answer the question: where to from here?

To do this, we must start by dismantling the aspects of our social architecture that are just not serving humanity as a whole. Now, thanks to the effects of Covid-19, the world economy is likely to shrink by at least 5% and SA can expect to fall 7%, based on the Reserve Bank’s estimates. Economists, polled for their views, put this number much higher: in the double digits. This is the sharpest decline the SA economy would have on record.

It is for this reason that we must take this opportunity to rethink how the future of travel might look, or the world of work, or investments into commercial property. While each sector has a high-road and a low-road scenario to consider, what seems inevitable is that some form of change is on the cards: not only out of necessity but because society needs to re-establish the ground rules.

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