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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now