Likely contraction in SA tourism: Economist

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Chief Economist at Econometrix, Laura Campbell, has warned of a likely contraction in tourist arrivals when Statistics South Africa releases the 2020 tourism figures later this week.

In February, 385 832 travellers passed through South Africa’s ports of entry. They included 131 693 South African residents and 254 139 foreign travellers.

Campbells says the pace of the rollout of government’s COVID-19 vaccines will determine the rate at which the country’s tourism industry will recover from the pandemic’s impact on the economy.

“So we’re expecting that there will have been a significant year-on-year contraction in foreign tourist arrivals once again. The announcement by South Africa that the second wave virus infecting the country around December with a different variant from that affecting the rest of the world, drove many governments around the world to ban travel to and from South Africa. These restrictions remain in place today and therefore will continue to depress the number of visitors coming to South Africa’s shores.”

COVID-19 challenges for the economy

On Sunday, Finance Minister Tito Mboweni said COVID-19 has had a huge negative impact on the South African economy. He was speaking as part of the centennial celebrations of the African Rotary Club to discuss economic challenges facing the country, among others.

The club was established in Johannesburg in 1921.

“COVID-19 has caused havoc all around the world. It has caused a lot of suffering here in South Africa. Many people are dying, many people are getting sick and therefore, this has made it very difficult for us to meet physically. So, it’s my duty to welcome you to South Africa virtually, to welcome you to this centennial conference and to congratulate Rotary on this magnificent achievement,” Mboweni said.

COVID-19 has a huge negative impact on SA economy: Minister Mboweni:

Blue Ocean economy

The City of Cape Town said on Sunday that V&A Waterfront and the City of Cape Town have joined forces to promote the economy of the sea. The City said the blue economy of the ocean has the potential to drive job creation and skills development in Cape Town.

Director of the BlueCape Partnership, Bruce Tedder, said the initiative is aimed at unlocking even more economic opportunities in the Blue Ocean economy.

“It’s more encouraging for the superyachts to come to Cape Town to stay longer and spend more, but more importantly, it’s the value chain. We want to expand that value chain. We don’t want the same suppliers doing business with superyachts. If someone asks me when do we think we would have succeeded, I’m saying when the flower sellers in Adderley Street, those incredible ladies who sell flowers when they are selling their flowers to superyachts every morning, that would be successful.”

Cape Town plays a crucial role in job creation, skills development: