The government’s hope to stabilise its finances and bolster investment suffered a huge blow as SA slipped into its second recession in less than two  years and the worsening coronavirus pandemic dimmed global growth prospects.

Underlining growing risks to the global economy, the US Federal Reserve (Fed) responded on Tuesday by cutting its main interest rate by 50 basis points, a move that may intensify pressure on the Reserve Bank to do likewise to support an economy that was flagging even before the virus outbreak.

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