Pity the little guy in the Covid-19 crisis, says FirstRand chief

Business

Pity the little guy in the Covid-19 crisis, says FirstRand chief

Alan Pullinger gives us the lowdown on the fate of small businesses, the role of banks and more

Editor: Business Day

Three days before President Cyril Ramaphosa announced a sharp escalation in SA’s battle with the spread of the coronavirus, a lockdown, we interviewed Alan Pullinger, CEO of FirstRand.

On the economic outlook

While we do see a V-shaped type recovery from a Covid perspective, that has to be seen in the context of a broader U-shaped recovery for the country. Covid is going to take us sharply down, then it’s going to pull back. While Covid is V-shaped, the (new) starting point will be lower and going the same direction (down). That’s because of the structural reforms – we are not tackling with enough vigour...

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