South Africa slipped into recession in the final three months of 2019, the country’s statistics bureau said on Tuesday, the second contraction to hit the economy in as many years. Instead, South Africa remains dogged by high and rising debt, low growth and soaring unemployment. Gross domestic product fell by 1.4 percent in the fourth quarter, after dropping by 0.8 percent in the previous three months, Statistics South Africa said. South Africa previously went into recession in 2008/2009 — which was prompted by the global financial crisis — and then again in 2018. The International Monetary Fund last year urged more “decisive” reforms to boost private investment in South Africa, forecasting economic growth to remain sluggish for a sixth consecutive year in 2020.

Source: Punch March 03, 2020 13:30 UTC