COVID-19 fears cause global markets to plummet and rand crumbles to 4-year low
The spread of the COVID-19 outbreak is causing global markets to plummet.
South Africa has three confirmed cases of the virus.
Oil prices plummeted more than 20% on Monday after Saudi Arabia launched a price war in response to the Opec cartel's failure to agree on production cuts.
South Africa’s rand tumbled to a four-year low joining a global sell-off in riskier assets as the coronavirus outbreak continued to spread globally and oil prices collapsed.
Clement Manyathela chats to Investec chief economist Annabel Bishop to give more insight on the matter.
It looks like markets are starting to regain some sense and with that the Rand, the Eura and the Dollar are starting to recover. Oil is still very week but there is a little more going behind the oil price.Annabel Bishop, Chief economist - Investec
There is a severe risk that is seen from the COVID-19 and that the virus will affect the gross domestic product (GDP) growth globally.
Listen below to full conversation:
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