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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 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 ...
The economy of South Africa is the largest economy in Africa, ... The global economic downturn made the problem worse, wiping out more than one million jobs. In ...
Countries in Africa are sorted according to data from the International Monetary Fund. [1] The figures presented here do not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency . [ 2 ]
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]
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 worst post-war downturn was the Great Recession of 2008, but there is little likelihood that a potential recession in 2024 would approach that financial crisis in severity.