Alan Pullinger, CEO of FirstRand, one of the country’s largest financial institutions, says SA’s economy has deteriorated so sharply that growth has "gone off a cliff" and a recovery could take as long as five years.

"The economy is on its knees," Pullinger said at the group’s interim results presentation on Tuesday, where he presented a bleak outlook for the full year, saying it would trail behind its previous forecast of delivering earnings growth above inflation...

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