As the country’s finance minister makes the dour assertion, does a declining economy increase the need for South Africans to get their money out?
- South Africa’s economic growth forecast has been cut down to 0.9% as the country’s finance minister declares the economy is “in crisis”
- The struggling rand fell by a further 2.25% after Pravin Gordhan’s speech, with increased tax rates on property sales just one of the new measures announced in a bid to prevent the country falling into recession
- Has the time come for investors to move their money out of South Africa?
It’s official – South Africa’s economy is “in crisis”.
The country’s finance minister Pravin Gordhan has confirmed what many have suspected for months and emphasised the problems that South Africa’s economy currently faces. Ahead of his Budget speech to Parliament on Wednesday, Mr Gordhan admitted that “there is no doubt about the fact that we are in crisis.”
Following his comments the rand, which has already lost half its value in the last five years, fell by a further 2.25% against the dollar.
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