SA's growth unlikely to exceed 1% in 2021: Reserve Bank - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

Fitch rating agency followed on Moody’s steps and downgraded the country further into non-investment by one notch to BB from BB+ and maintained a negative outlook.

All three major credit rating agencies now have South Africa at sub-investment grade ratings. The sovereign downgrade will further add to the prevailing financial market stress. The coronavirus has worsened conditions for the already weak local economy now expected to contract by -2.7% this year. Dealing with budget shortfalls, borrowing costs will be significantly higher for South Africa.

Even without the Coronavirus pandemic the economy was going to shrink . The SARB must be honest. They should have separated the issues here - with & without and then show us how the Coronavirus will exacerbate the shrinking.

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