South Africa business confidence slumps to 7-month low
JOHANNESBURG – South African business confidence slumped to a seven-month low in March even before the full impact of the coronavirus pandemic and the country losing its last investment-grade credit rating was transmitted through the economy.
A sentiment index compiled by the South African Chamber of Commerce and Industry fell to 89.9 from 92.7 in the previous month, the business group said in an emailed statement Wednesday.
That’s the lowest number since August, when weak economic growth and rising unemployment provoked a wave of xenophobic violence and prompted warnings from business groups and analysts that the country may be forced to seek assistance from the International Monetary Fund.
Source: iol.co.za