Technical recession unlikely after first quarter GDP contraction - experts | IOL Business Report

JOHANNESBURG - Although it was not impossible, it was unlikely that South Africa would plunge into a technical recession in the second quarter of 2019 according to Dawie Roodt, Chief Economist at the Efficient Group following the massive 3.2% contraction in the economy in Q1.

It was also vitally important to reduce the government’s wage bill to redeploy that money to stimulate the small and medium business sectors which was where real job creation should be taking place. “All of the main economic indicators that we track show that things are going to get a lot more difficult before there is any chance of light at the end of the tunnel.

Roets said for most South African consumers, budgets were already stretched to the limit and it is difficult to see where the money was going to come from to deal with the latest round of price increases that are going to follow hot on the heels of the latest fuel price increase.

Brexit unlikely! Trump presidency unlikely. After 3,2% growth drop, loadshedding, retrenchment a bloodbath, zero confidence, trade war, ANC implosion... a recession unlikely... yes sure ja

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rand plunges nearly 2% as GDP contracts | IOL Business ReportBanking stocks also tumbled, wiping billions of rand in value as StatsSA said its data showed that the economy shrank 3.2% quarter on quarter. Not sure if that’s a “plunge”
Source: IOL - 🏆 46. / 51 Read more »

BUSINESS MAVERICK: Agriculture’s negative contribution to the disastrous GDP figure driven mainly by droughtThe agricultural economy, by nature, is wobbly relative to other sectors of the economy as its fortunes are largely driven by a factor beyond the control of humankind – the weather. And in the recent past weather conditions have increasingly been a challenge as exemplified by frequent drought in South Africa. Bullshit. Expropriation and farm murders account for 90 % plus
Source: dailymaverick - 🏆 3. / 84 Read more »

MARKET WRAP: Rand hedges support JSE after shock GDP reportThe rand slipped as much as 2% after SA’s first-quarter GDP numbers came in much worse than expected, with rand hedges and miners faring well
Source: BDliveSA - 🏆 12. / 63 Read more »