Moody’s Investors Service, the only major ratings agency that still has SA in investment grade, has slashed its growth forecasts for the country, citing Eskom’s power cuts and lacklustre demand.

The agency, which has consistently flagged a weak economy and a lack of action to contain state spending as some of the key risks to SA’s rating, said the economy would grow just 0.7% in 2020, compared with a previous forecast of 1%.

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