Divisional Director Research
There has been reduced production for most of the country's sectors with most companies announcing closure even before the country goes into a lockdown period. The major casualties have been the mines, with two of the country's biggest mines announcing a lockdown with little to no production taking place on site. As a result of reduced production, the country's currency has depreciated by approximately 42% and fears are already looming that this could affect the country's GDP growth potential and further spike inflation.
The retail market has been negatively affected by the COVID-19 pandemic. Cinemas have closed and restaurants have been ordered to operate on a take-away basis. Tenants are reporting reduced turnover as most customers shift their focus to buying essential items in case of a nationwide lockdown. Certain stock is also running low and cannot be replenished due to closed borders.
The demand for offices has declined as more and more companies are opting to have their workers work on a rotation basis and in some cases, the employees are working from home all together.