The South African government confirmed what investors had long suspected: the economy slipped into recession at the end of last year. New GDP data released on Tuesday by Stats SA reveals the economy is officially in recession and growing at the slowest rate since the financial crisis ten years ago.
The situation will likely deteriorate further now that South Africa’s largest trading partner, China, is effectively closed for business due to the ongoing COVID-19 crisis, putting enormous pressure on the country’s exporters.
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