Economist Dawie Roodt: How coronavirus is impacting the world economy
Chief economist Dawie Roodt joined Breakfast with Martin Bester to talk about the markets crashing due to coronavirus.
According to Jacaranda FM News, UN economists warned that the raging outbreak of the coronavirus could cost the global economy between $1- and $2-trillion this year and called on governments to ramp up spending to mitigate its impact.
The COVID-19 spread will push some countries into recession and will significantly slow growth in the world economy as a whole.
Fin24 reported that the Rand nearly crashed through R17/$ overnight and South African shares dropped on Monday morning.
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Economist Dawie Roodt joined Breakfast with Martin Bester to share more insight on how this will affect South Africa and the world.
"Financial markets are very uncertain at the moment. Our rand can lose some more value. The oil price is also currently going down," he said.
"Most of the bad news are already in the market already. At the end of this month Moody’s will decide if they will downgrade South Africa or not. Your pension fund could be down 10%. Do not panic though! Have a proper retirement plan in place, stay where you are, sit on your hands.
Do not panic! Have a proper retirement plan in place, stay where you are and sit on your hands.