Finance minister vows to speed up energy reform
SA’s shock second-quarter collapse in GDP and uncertainty about the economic rebound as lockdown restrictions are eased suggests the economic outlook for the year may be even bleaker than the latest forecasts from the Treasury and the Reserve Bank, finance minister Tito Mboweni warned on Sunday.
While the Treasury has forecast a 7% contraction, the Reserve Bank has put the figure at 7.3%. Some economists are predicting an even worse outcome, with a GDP reduction in double digits.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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Tito Mboweni | Reform is critical to survive | CitypressSouth Africa faces tough choices in the coming months and we will all have to make painful sacrifices, writes finance minister Tito Mboweni.
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Tito Mboweni | Reform is critical to survive | CitypressSouth Africa faces tough choices in the coming months and we will all have to make painful sacrifices, writes finance minister Tito Mboweni.
Read more »
South African economy to shrink by more than government's 7% forecast in 2020 - MboweniGross domestic product shrunk by a record 51% in the second quarter, its fourth quarterly contraction in a row, as a strict lockdown to curb the spread of the coronavirus saw activity grind to a near-standstill.
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SA economy could shrink more than forecast: MboweniTito Mboweni noted that public finances, already in an 'unsustainable position' before the pandemic, were now 'overstretched'.
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South African economy to shrink by more than government's 7% forecast in 2020 - MboweniSouth Africa's economy will likely contract this year by more than the 7% previously forecast by the Treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday.
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South African economy to shrink by more than government's 7% forecast in 2020 - MboweniSouth Africa's economy will likely contract this year by more than the 7% previously forecast by the Treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday.
Read more »