South Africans are getting poorer as recession hits.
Statistics South Africa released the Gross Domestic Product report for the fourth quarter of 2019 and the numbers paint a pitiful picture of the current state of the economy.
Director of economic consultancy company Econometrix, Dr Azar Jammine, said that the report shows that South Africans are getting poorer. In the 2020 budget speech, Finance Minister Tito Mboweni forecasted a 0.9% economic growth for this year. The travel restrictions due to the coronavirus – particularly tourists from China – is estimated to result in a 15% decline in South African tourist numbers, leading to a loss of almost R200 million. This would also threaten nearly 1 000 jobs, PwC said.
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