So blooming depressing! We’re on the cusp of recession all over again!— Bruce Whitfield, The Money Show
The South African economy shrank by a surprising 0.6% in the third quarter of 2019.
Agriculture contracted by 3.6%, mining by more than 6% while manufacturing was down almost 4%.
The only silver lining is fixed investment by private businesses, which grew by 7.4%, following on growth of 10.5% in the second quarter.
It would require about 4.1% growth in the fourth quarter to reach 0.5% [growth for the year], which is very unlikely… For the next 18 to 24 months, growth is going to remain sub-0.5%... we’re likely to see more retrenchments…— Isaah Mhlanga, Chief Economist - Alexander Forbes Investments
The hard decisions required to build confidence aren’t being made fast enough… It’s absolutely all about politics… SAA is a classic example… Politicians… perhaps they’re deaf to the situation the economy is in.— Isaah Mhlanga, Chief Economist - Alexander Forbes Investments
Listen to the interview in the audio below.
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