Recession: South African economy to contract by 5.5% in 2020

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South African rand
South African rand

Recession: South African economy to contract by 5.5% in 2020 – Ratings agency Fitch said on Friday it expected South Africa’s economy to shrink 5.5% this year, as the coronavirus lockdown batters an economy already in recession.

Fitch downgraded South Africa’s credit rating further into “junk” territory in April, citing the lack of a clear path towards government debt stabilization and the expected impact of the COVID-19 shock on public finances and growth.

In an outlook on sub-Saharan African sovereigns, Fitch said it projected the fiscal deficit would surge to 14.4% of gross domestic product (GDP) in the current fiscal year, with government debt seen rising to 80.9% of GDP.

“Government debt was already on a sustained upward trajectory before the crisis,” Fitch said.

“Consolidation measures in the February budget relied heavily on re-negotiating a public sector wage agreement that only expires in April 2021, which has so far been elusive.”

The government and public sector trade unions are still locked in a dispute over wage increases that were due to come into force in April. Officials have said they cannot afford the increases agreed as part of a three-year deal in 2018, but unions are trying to force them to pay via the courts.

Africa’s most industrialised economy imposed one of the world’s strictest lockdowns in late March. It was eased from the beginning of June to let people outside for work, exercise or shopping, and allowing mines and factories to run at full capacity subject to health and safety controls.




6 Comments

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    KEG OF OIL=N7,500

    CAR FEATURES AND PRICES BELOW
    GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000

    Toyota Camry Big Daddy=N650,000.
    Toyota Camry Tiny-Light=N450,000.
    Toyota Avensis=N550,000.
    Toyota Hilux=N1M
    Toyota Avensis=N650,000.
    Toyota Camry Muscle=N 600,000. & Spider=N600,000.
    Toyota Avalon=N550,000
    Toyota Rav4 SUV=N800,000.
    Toyota Sienna=N850,000.
    Toyota 4Runner=N850,000.
    Toyota Tundra=N1.5M
    Toyota picnic=N450,000.
    Toyota Highlander=N1M.
    Toyota Corolla=N550,000.
    Toyota Prado=N2M
    Toyota LandCruisser=N2.8M.
    Toyota Yaris=N500.000.
    Toyota Matrix=N450,000.
    Toyota Haice Bus=N950,000

    Acura MDX =N900,000.
    Acura ZDX=N970,000
    Acura TL=N850,000.

    Honda Pilot=N800,000.
    Honda Baby Boy=N650,000.
    Honda End of Discusson(EOD)=N550,000.
    Honda Odyssey=N800,000.
    Honda Accord=N550,000.
    Honda CRV=N600,000.
    Honda Civic=N500,000.

    Infinity Fx35=N1.7m.
    Infinity Fx45=N1.2m.
    Infinity Qx4=600,000.

    Nissan Murano=N700,000.
    Nissan Pathinder=N500,000.
    Nissan Altima=N500,000.
    Nissan Maxima=N450,000.
    Nissan Xterra=N600,000.
    Nissan Quest=450,000.
    Nissan Amanda=N550,000

    Lexus Rx330=N750,000.
    Lexus Gx460=N1m.
    Lesus Rx300= N650,000
    Lexus Rx320=N680,000
    Lexus Lx650=N500,000.
    LexusRx350=N1.2M
    LexusGx470=N850,000.

    Ford Escape=N700,000.
    Ford Explorer=N8500,000.
    Land Rover Discovery=N1.9m.
    Land Rover Freelander=N1.3

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    [*] Bale Men shirt – N35,000 
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    (07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
    FOR SALES,
    APPROVED BY THE FEDERAL
    GOVERNMENT AT A CHEAPER AND
    AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
    SHOULD CONTACT ME ON
    (07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!

    THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
    BAGS OF RICE =N10,000
    KEG OF OIL=N7,500

    CAR FEATURES AND PRICES BELOW
    GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000

    Toyota Camry Big Daddy=N650,000.
    Toyota Camry Tiny-Light=N450,000.
    Toyota Avensis=N550,000.
    Toyota Hilux=N1M
    Toyota Avensis=N650,000.
    Toyota Camry Muscle=N 600,000. & Spider=N600,000.
    Toyota Avalon=N550,000
    Toyota Rav4 SUV=N800,000.
    Toyota Sienna=N850,000.
    Toyota 4Runner=N850,000.
    Toyota Tundra=N1.5M
    Toyota picnic=N450,000.
    Toyota Highlander=N1M.
    Toyota Corolla=N550,000.
    Toyota Prado=N2M
    Toyota LandCruisser=N2.8M.
    Toyota Yaris=N500.000.
    Toyota Matrix=N450,000.
    Toyota Haice Bus=N950,000

    Acura MDX =N900,000.
    Acura ZDX=N970,000
    Acura TL=N850,000.

    Honda Pilot=N800,000.
    Honda Baby Boy=N650,000.
    Honda End of Discusson(EOD)=N550,000.
    Honda Odyssey=N800,000.
    Honda Accord=N550,000.
    Honda CRV=N600,000.
    Honda Civic=N500,000.

    Infinity Fx35=N1.7m.
    Infinity Fx45=N1.2m.
    Infinity Qx4=600,000.

    Nissan Murano=N700,000.
    Nissan Pathinder=N500,000.
    Nissan Altima=N500,000.
    Nissan Maxima=N450,000.
    Nissan Xterra=N600,000.
    Nissan Quest=450,000.
    Nissan Amanda=N550,000

    Lexus Rx330=N750,000.
    Lexus Gx460=N1m.
    Lesus Rx300= N650,000
    Lexus Rx320=N680,000
    Lexus Lx650=N500,000.
    LexusRx350=N1.2M
    LexusGx470=N850,000.

    Ford Escape=N700,000.
    Ford Explorer=N8500,000.
    Land Rover Discovery=N1.9m.
    Land Rover Freelander=N1.3

    TRUCKS LIKE , VOLVO, MAN AND MERCEDES ARE ALSO AVAILABLE.!!!

    , All
    VEHICLES ARE IN GOOD
    CONDITION, INSTALLMENTAL PAYMENT IS
    ALLOWED

    WE OFFER DELIVERY TO ALL
    36 STATES IN NIGERIA. CONTACT ME ON (07026536478) TO PLACE AN ORDER NOW…

  6. AUCTION AUCTION AUCTION
    (07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
    FOR SALES,
    APPROVED BY THE FEDERAL
    GOVERNMENT AT A CHEAPER AND
    AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
    SHOULD CONTACT ME ON
    (07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!

    THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
    BAGS OF RICE =N10,000
    KEG OF OIL=N7,500

    CAR FEATURES AND PRICES BELOW
    GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000

    Toyota Camry Big Daddy=N650,000.
    Toyota Camry Tiny-Light=N450,000.
    Toyota Avensis=N550,000.
    Toyota Hilux=N1M
    Toyota Avensis=N650,000.
    Toyota Camry Muscle=N 600,000. & Spider=N600,000.
    Toyota Avalon=N550,000
    Toyota Rav4 SUV=N800,000.
    Toyota Sienna=N850,000.
    Toyota 4Runner=N850,000.
    Toyota Tundra=N1.5M
    Toyota picnic=N450,000.
    Toyota Highlander=N1M.
    Toyota Corolla=N550,000.
    Toyota Prado=N2M
    Toyota LandCruisser=N2.8M.
    Toyota Yaris=N500.000.
    Toyota Matrix=N450,000.
    Toyota Haice Bus=N950,000

    Acura MDX =N900,000.
    Acura ZDX=N970,000
    Acura TL=N850,000.

    Honda Pilot=N800,000.
    Honda Baby Boy=N650,000.
    Honda End of Discusson(EOD)=N550,000.
    Honda Odyssey=N800,000.
    Honda Accord=N550,000.
    Honda CRV=N600,000.
    Honda Civic=N500,000.

    Infinity Fx35=N1.7m.
    Infinity Fx45=N1.2m.
    Infinity Qx4=600,000.

    Nissan Murano=N700,000.
    Nissan Pathinder=N500,000.
    Nissan Altima=N500,000.
    Nissan Maxima=N450,000.
    Nissan Xterra=N600,000.
    Nissan Quest=450,000.
    Nissan Amanda=N550,000

    Lexus Rx330=N750,000.
    Lexus Gx460=N1m.
    Lesus Rx300= N650,000
    Lexus Rx320=N680,000
    Lexus Lx650=N500,000.
    LexusRx350=N1.2M
    LexusGx470=N850,000.

    Ford Escape=N700,000.
    Ford Explorer=N8500,000.
    Land Rover Discovery=N1.9m.
    Land Rover Freelander=N1.3

    TRUCKS LIKE , VOLVO, MAN AND MERCEDES ARE ALSO AVAILABLE.!!!

    , All
    VEHICLES ARE IN GOOD
    CONDITION, INSTALLMENTAL PAYMENT IS
    ALLOWED

    WE OFFER DELIVERY TO ALL
    36 STATES IN NIGERIA. CONTACT ME ON (07026536478) TO PLACE AN ORDER NOW.

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