THEBE MABANGA|
THE South African economy suffered its worst annual contraction since 1920, and now faces record unemployment, while foreign investors dumped South African shares, bonds, and cash.
The economy limited prospects for recovery due to impediments such as load-shedding and slow rollout of infrastructure and possibly the sow rollout of the COVID-19 vaccine.
This is the picture painted by the South African Reserve Bank (SARB) in its Quarterly Bulletin for March this year, and released on Tuesday.
The South African economy plunged by almost 60% in the second quarter of last year because of the National Lockdown to slow down the spread of Covid 19.
The economy recovered by a revised 67.3% in the third quarter and 6,3% in the fourth quarter of last year.
The bank reiterates that the economy contracted by 7% in 2020, which is lower than feared, with some estimates anticipating a contraction
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