S. African Economy Likely in Technical Recession, Citi Says
- South Africa’s GDP contracted 0.7% in the second quarter
- Economic growth for 2022 seen at about 2%, Schoeman says
This article is for subscribers only.
South Africa’s economy is likely in a technical recession as intensified power cuts and heightened uncertainty caused by Russia’s war with Ukraine rippled through global financial markets.
The economy likely contracted for a second consecutive quarter in the three months through September, Gina Schoeman, an economist at Citibank South Africa, said at the Bloomberg Capital Markets Forum in Johannesburg on Wednesday.