Businessman and entrepreneur Vusi Thembekwayo joined SABC news via Skype to discuss the impact that has been caused by Covid-19 on Businesses and the Economy.
Vusi said the pandemic has forced companies to retrench workers and gave an example of the construction sector where an average of 26 people were being retrenched.
He added that a lot businesses have no cash flow to survive over 120 days of economic lockdown, not even large listed companies.
Vusi said State Funding Agencies must channel funds towards sustaining small businesses as the pandemic was causing economic carnages on small businesses.
In addition to that he said the pandemic has left South Africa in a depression mode and was heading towards a Great Depression where there will be a sharp increase in unemployment.
He concluded by saying this was the best time for entrepreneurs to kick start new businesses as other players are forced to shut down therefore creating a gap for a rebirth.
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