Quick chat with Ingrid Sinon, CEO of Seychelles Credit Union and economist |14 April 2020

‘Seychelles will initially undergo a recession and, subsequently, a depression if the former is not contained’

COVID-19 has had a huge impact on the global economy. As each country is trying to combat this novel virus, we quickly realised that we all depend on each other to survive. COVID-19 is showing us that whatever we do and plan to do depend on the state of health of each country and its preparedness.

Seychelles NATION contacted Ingrid Sinon, chief executive of the Seychelles Credit Union and also a prominent young economist to give us more details on the current economic situation.

Seychelles NATION: We are living in an 'exceptional' time right now and how do you see the economy of the world?

Ingrid Sinon: The world is in recession now and any worsening would trigger a global depression. In Economics term, a depression is worse than a recession. There are even forecasts that predict that this will be a two to three-year crash…The uncertainties emanating from this crisis are unprecedented and old tactics may prove ineffective.

Seychelles NATION: What about the economy of Seychelles?

Ingrid Sinon: Seychelles will initially undergo a recession and, subsequently, a depression if the former is not contained. It is of paramount importance that the leaders take this matter seriously, analyse and assess it correctly and then move on to provide the most effective solutions. These measures will require new ways of doing things…

Seychelles NATION: What are your thoughts regarding the three-month salary proposed by the government to bail out the private sector?

Ingrid Sinon: Is this sustainable? Guaranteed for three (3) months but provisions made for six (6) months… It is a fact that the government will have more detailed data than we do…However, the government must be mindful of short-term adjustments at the expense of long-term sustainability even during crisis situations… Nonetheless, the budget has been approved and as such one may only observe the outcomes.

Seychelles NATION: What advice would you give to entrepreneurs in general and small entrepreneurs in particular who seem to be more affected by the COVID-19?

Ingrid Sinon: Re-think their business models. Take this opportunity to study their current businesses and their business environment. Come up with an improved and effective business model and subsequent plan, and then execute the plan. Now, more than ever, they need to track their business performance. They need to make rapid adjustments or be prepared to abandon the entire plan if it proves to be ineffective. Solicit advice of experts…be humble!

Seychelles NATION: You talked about being innovative in one of your interviews, can you please elaborate on that?

Ingrid Sinon: New ways of doing things; strategic and calculated diversification involving deep thinking. Display a high level of understanding of business, market and forward looking approaches.

Seychelles NATION: How should Seychellois look after our wallet during these trying times?

Ingrid Sinon: Take this opportunity to learn and master personal budget; cut back on unnecessary expenses. Do not react to external factors and avoid creating unnecessary or artificial shortages in the market. Seek help from experts. Study…

Seychelles NATION: Anything you want to add

Ingrid Sinon: This is NOT 2008. As Albert Einstein said, “No problem can be solved from the same level of consciousness that created it.”

Compiled by Vidya Gappy