SA faces the worst economic contraction in a century, says World Bank
The base case prediction for the global economy is a contraction of 5.2% — and it could be as much as 8%
The World Bank has slashed SA’s growth forecasts due to the coronavirus shock, which it says will force the world into the worst recession since World War 2.
Despite many countries launching unprecedented stimulus packages to soften the economic fallout from the disease, the global economy is now expected to shrink by 5.2%, while SA’s economy is forecast to shrink by 7.1% this year — its worst contraction in a century. This is down from its already weak forecast of 0.9% growth made in January.