SA’s economy to contract 5.8% this year

South Africa’s economy is expected to contract by 5.8% in 2020 but with an expected rebound to 4% growth in 2021, according to a presentation to parliament’s finance committee seen by Reuters, quoting International Monetary Fund projections.

Africa’s most industrialised nation was already in recession before the coronavirus shut down the economy, with overall GDP growth for 2019 at only 0.8%, owing largely to power shortages that hurt industry.

Source: moneyweb.co.za