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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now