Nedbank revises down growth forecast as power cuts hit home
The bank’s chief economist warns of a ‘full-blown recession’ if electricity supply deteriorates further
09 January 2020 - 17:03
Nedbank has cut its economic growth forecast for 2020 just days into the new year as SA is battling load-shedding, warning that the outlook could worsen if electricity supply deteriorates further.
The bank is now penciling in growth of 0.7% for 2020 down from its already “quite negative” estimate of 0.9%, Nedbank chief economist Dennis Dykes told Business Day on Thursday. But this growth forecast could “prove to be optimistic” if electricity supply deteriorates further, increasing the possibility of “a full-blown recession this year”...
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