South Africa's economy falls into recession for the second time in 8 years | Welcome to Linda Ikeji's Blog

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Tuesday, 6 June 2017

South Africa's economy falls into recession for the second time in 8 years

South Africa’s economy fell into recession for the first time since 2009 after it contracted for a second straight quarter in the first three months of the year.

According to new reports, while rains are helping the country recover from a 2015 drought that was the worst since records started more than a century earlier, political uncertainty has prevented the implementation of some government reforms aimed at boosting growth.



President Jacob Zuma changed his cabinet and fired Pravin Gordhan as finance minister in March, a move that saw the nation lose its investment-grade status with two ratings companies for the first time in 17 years.
“There is a risk that these contractions are not over and we could see another negative coming out in the second quarter of this year,” Annabel Bishop, a South African chief economist says

Read the full report here https://www.bloomberg.com/news/articles/2017-06-06/south-africa-sees-second-recession-in-8-years-as-economy-shrinks

11 comments:

NaijaDeltaBabe said...

That bad?


... Merited happiness

Jube said...

that is what south africa gets for electing a man that did not even finish the equivalent of JSS 3 in south africa. the man is an illiterate that knows nothing aout running a country.

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Anonymous said...

They were xenophobic and thinking that their country is heaven, and now this happened. All Nigerians there should come back oh. No place like home.

Anonymous said...

They were xenophobic and thinking that their country is heaven, and now this happened. All Nigerians there should come back oh. No place like home.

Anonymous said...

They're lucky to operate DSTV & MTN Naija

Anonymous said...

Zuma is incompetent. Still South Africa's 'recession' is still like Nigeria's Eldorado/Nirvana. Sad.

OSINANL said...

NIGERIA IS WORST

Anonymous said...

What you get when you chase igbo niggas from south.... I was in south you need to see what this fools did to us. Forgetting that we d igbos dere are the main business muguls there. Pay back is a bitch..... Long Live Ala igbo ninee. We are born to progress no mater d hash conditions.

Anonymous said...

Just like Nigeria they have a President with no brain. The tiny brain Zumba has is in his prick, hence all the wives and concubines. He's so busy with them, no time to this about matters of state

Anonymous said...

Same old issue with Black African leaders. They always crumble the economy

Vivian Reginalds said...

when they are here GULPING every naira in n=Nigeria, what d'u expect?
And they won't let hardworking Nigerians help them invest in their own country rather they prefer xenophobic acts out of envy and jealousy!
Lazy folks!
-D great anonymous now as Vivian Reginalds

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