×

We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Last week will surely be remembered as a stormy time. While a major cold front moved with pace towards SA, delivering torrential rainfall and destructive fires in the Cape, another devastating "economic storm’ hit our country after Statistics SA revealed that our economy had officially entered recession. The confluence of recent factors, set out clearly by S&P Global Ratings, Fitch and Moody’s over the past two weeks, had accelerated the contraction of the economy and increased unemployment. As members of the board of Wesgro — Cape Town and the Western Cape’s official tourism, trade and investment agency — we were confronted by a different reality when hearing the news. While the national economy is sick, there is growing evidence to suggest that the Cape economy is performing relatively well. The province’s growth over the past five years now matches that of Gauteng, SA’s economic powerhouse, and remains above the national average. The Western Cape maintains the lowest unemployment...

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 articles from our international business news partners; 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

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.