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The economy was already frail before the coronavirus pandemic hit South Africa in March, with January-March being the third consecutive quarter of contraction and following a 1.4% decline in GDP ...
The South African rand plunged more than 2% following the report. Gross domestic product in Africa's most developed economy fell by 0.7% from April to June, the national statistics agency said in ...
South Africa's National Treasury criticized the statement by Moody's saying, "It's not possible that we'll end up in recession." He added that the government may revise lower its 4 percent growth forecast for the year following growth of 5.1% in 2007. Car sales in South Africa dropped an annual 22 percent in June due to higher interest rates. [2]
Although the natural resource extraction industry remains one of the largest in the country with an annual contribution to the GDP of US$13.5 billion, [37] the economy of South Africa has diversified since the end of apartheid, particularly towards services. In 2019, the financial industry contributed US$41.4 billion to South Africa's GDP. [38]
The 2023 South African National Shutdown was a protest held by the political party Economic Freedom Fighters on 20 March 2023, the day before Human Rights Day. [ 8 ] [ 4 ] [ 9 ] [ 10 ] [ 11 ] The EFF called for the resignation of President Cyril Ramaphosa and an end to load-shedding .
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The energy crisis has significantly limited economic growth in South Africa thereby preventing the country from resolving high rates of unemployment. [ 27 ] [ 125 ] The power shortage is estimated to have reduced economic growth in 2021 by 3% thereby costing the country an estimated 350,000 potential new jobs for that year alone. [ 27 ]
The COVID-19 recession was a major global economic crisis which has caused both a recession in some nations, and in others a depression. It is currently the worst global economic crisis in history, surpassing the impact of the Great Depression. The economic crisis began due to the economic consequences of the ongoing COVID-19 pandemic.