OECD says SA will be slow to get on its feet and slashes GDP forecast to 11.5% drop
The OECD’s revision leaves SA with the worst expected outcomes for 2020 of countries included in the update, followed by Argentina, Italy, Mexico and India
16 September 2020 - 12:12
UPDATED 16 September 2020 - 23:59
SA, one of the economies hit the hardest by the coronavirus pandemic and associated lockdown, will struggle to emerge from its deepest slump in about a century in the face of power cuts by Eskom and low demand, according to the Organisation for Economic Co-operation and Development (OECD).
The think-tank, whose members are the richest industrialised countries, downgraded its outlook for the country, saying GDP will shrink a huge 11.5% in 2020. That compares with the 7.3% forecast by the Reserve Bank, which is due to announce its latest interest rate decision on Thursday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.