The survey results are in line with expectations by Absa’s economists, including Peter Worthington and Miyelani Maluleke, who this week became the first major institution to say the economy is in a technical recession.
The electricity crisis is costing the country as much as R899 million per day, according to South African Reserve Bank estimates. It lowered its economic growth forecast for this year to 0.3% from 1.1%, with Governor Lesetja Kganyago saying power disruptions will shave 2 percentage points off output growth. It predicts that electricity will be rationed for 250 days in 2023, which if realised will be a record.In times of uncertainty you need journalism you can trust.
_Business The ANC hit the country like a huge earthquake and it's destructive aftershocks will be felt for ages to come.
_Business It's a certainty, ANC raping the country to extinction.
_Business Their answer is Karpowerships to assist themselves first. State of disaster makes environmental impact of lesser Nb. Expect new minister of electricity to sign off on emergency procurement for a 10 to 20 yr deal. Army deployment by CR was just window dressing.
_Business The mystery is how did a recession take this long to happen
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