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South Africa was the first African country to fall in recession. Other countries like Morocco and Egypt , which benefited from their previous high economic growth experienced a great decline due to the global economic crisis without falling in recession.
The economy of South Africa is the largest economy in Africa, it is a mixed economy, emerging market, and upper-middle-income economy, one of only eight such countries in Africa. [ 31 ] [ 32 ] [ 33 ] The economy is the most industrialised, technologically advanced, and diversified in Africa. [ 34 ]
South Africa's recession deepened in the first quarter of 2020, with official data on Tuesday showing that gross domestic product contracted 2% from the previous three months, led by declines in ...
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 ...
May 27, 2009: South Africa; South Africa entered recession as the global crisis pounded demand for its main exports; GDP shrank 6.4% in the first quarter of 2009 after falling 1.8% in the last quarter of 2008. This is the first recession for South Africa in 17 years.
During apartheid South Africa faced a worsening financial situation stemming from an economic recession and increasing international sanctions in the 1980s. [5] In 1980 the country's total debt amounted to US$16.9 billion, representing a debt to GDP ratio of 20%. [5]
It hasn't been a great time for folks in the business of predicting recessions. The Conference Board's Leading Economic Index signaled a recession in 2022. The highly regarded inverted yield curve ...
The following countries/territories had a recession starting in the third quarter of 2008: Spain, [139] and Taiwan. [140] The following countries/territories had a recession starting in the fourth quarter of 2008: Switzerland. [141] South Korea avoided recession with GDP returning positive at a 0.1% expansion in the first quarter of 2009. [142]