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South Africa’s Central Bank Expects Economy to Shrink 40.1%

  • July forecast worse than 32.6% contraction seen in June report
  • Reserve Bank forecasts show economy will decline 7.3% in 2020
A 'mask up' billboard covers the front of a building in Cape Town on Aug. 19.

A 'mask up' billboard covers the front of a building in Cape Town on Aug. 19.

Photographer: Dwayne Senior/Bloomberg

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South Africa’s economy probably contracted by an annualized 40.1% in the second quarter, according to central bank forecasts.