Chinese share markets crashed by more than eight percent today, making it their biggest one day fall since 2007.
There are huge job cuts on the horizon in the mining sector as the industry grapples with the effects of rapidly falling commodity prices.
The rand is on its latest multi-year lows against the dollar.
Is it as bad as it looks and feels?
Mike Wills interviewed Kevin Lings, Chief Economist at Stanlib Asset Management, on The Money Show.
Scroll down to listen to the audio.
All the data is weakening. Even tourism is deteriorating. This economy is sliding towards recession.— Kevin Lings
We’re probably going to see an additional couple of interest rate hikes in South Africa.— Kevin Lings
The mines are going to cut jobs. And exports are going to remain under pressure.— Kevin Lings
Internationally, the story is more mixed. India is gaining momentum. Indonesia and South Korea are OK. US data is broadly strong. Europe, excluding Greece, is improving. But all this isn’t enough to compensate for China and lift commodity prices.— Kevin Lings