South Africa faces a 45% chance of slipping into recession this year as South Africa’s electricity crisis deepens, according to a survey of economists by Bloomberg this month. | News24_Business
The probability of it happening in the coming 12 months increased from odds of 35% in November, around the start of the longest streak of consecutive daily power cuts. The latest Bloomberg monthly survey of economists was conducted from 9-12 January, with seven economists responding to a question about the chance of a recession.
Eskom, the state-owned company that produces almost all of South Africa’s electricity, has for the past seven days subjected the country to record power cuts — as much as 12 hours a day — to protect the power grid from collapse as its aging, mostly coal-fired power stations fail. Sustained outages, namely load shedding, at the current"extreme levels" are the most significant downside risk to the country’s economic growth prospects, the Bureau for Economic Research’s Tracey-Lee Solomon, Romano Harold and Hugo Pienaar said in note published on its website on Monday.
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