The DA's John Steenhuisen listens as finance minister Tito Mboweni delivers his supplementary budget speech on Wednesday.The economy is headed to its biggest contraction in 90 years as a result of the coronavirus outbreak.
This is according to finance minister Tito Mboweni, who was tabling his emergency supplementary budget on Wednesday during a virtual sitting of parliament. Mboweni said the National Treasury now expected the local economy to shrink by 7.2% — the largest contraction in almost a hundred years. He said this was on the back of a contracting global economy, which in February he projected would expand by 3.3% but was now estimated to contract by 5.2% due to the impact of the Covid-19 pandemic.
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