Economists see 45% chance of recession in SA in 2023 as load shedding worsens | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 80%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

South Africa faces a 45% chance of slipping into recession this year as South Africa’s electricity crisis deepens, according to a survey of economists by Bloomberg this month. | News24_Business

The probability of it happening in the coming 12 months increased from odds of 35% in November, around the start of the longest streak of consecutive daily power cuts. The latest Bloomberg monthly survey of economists was conducted from 9-12 January, with seven economists responding to a question about the chance of a recession.

Eskom, the state-owned company that produces almost all of South Africa’s electricity, has for the past seven days subjected the country to record power cuts — as much as 12 hours a day — to protect the power grid from collapse as its aging, mostly coal-fired power stations fail. Sustained outages, namely load shedding, at the current"extreme levels" are the most significant downside risk to the country’s economic growth prospects, the Bureau for Economic Research’s Tracey-Lee Solomon, Romano Harold and Hugo Pienaar said in note published on its website on Monday.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

_Business Stop Coal exports

_Business What are the rating agencies say makunje?

_Business Well well. Explains Eishdom?!!

_Business Hurrah!

_Business Burn it all down is what I'm hearing 🤔

_Business Only 45%?

_Business I would have put it at 99.9% chance of recession

_Business Slipping into one? South Africa is in the abyss of a Failed State already.

_Business why not make it 200% chance. Seems like the ANC is dedicated to making this happen with their denial of participation and the fact that they say they have no money but have money for random kings' coronations, conferences, parties and shit - none of which contribute to SA

_Business Seriously … chaps get real … we have a 100% chance of recession Enough with the fake news… we’re not in the mood

_Business Self induced recession

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines