Moody’s Investor Service halves its 2018 growth forecast for the country. Picture: REUTERS
Moody’s Investor Service halves its 2018 growth forecast for the country. Picture: REUTERS

The first recession in almost a decade could cost SA its remaining investment-grade rating, with disastrous consequences for the country and consumers who are already under strain from tax increases and near-record petrol prices.

Moody’s Investor Service on Thursday halved its 2018 growth forecast for the country and said economic contraction in the first six months of the year was a "credit negative".

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