JOHANNESBURG – The South African economy is now expected to contract by 7.2 per cent in 2020, the largest contraction in nearly 90 years, and inflation will likely register 3 percent in 2020.
Mboweni attributed this largely to the Covid‐19 pandemic which has turned the global economy upside down. “Throughout the world, tens of millions of workers have lost their jobs. South African unemployment increased by one percentage point, reaching 30.1 per cent in the first three months of this year,” he said.“Never before has government worked together so closely with the private sector, labour, community and the central bank. Standing as a united people, it is clear we can achieve anything.
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