The ratings agency cuts its forecast for SA growth to 0.4% down from 0.7%
For the second time in less than a month, Moody’s Investors Service has cut its expectations of SA’s growth, due to the spread of the coronavirus.
Moody’s is now expecting the global economy to grow by 2.1%, down 0.3 percentage points from its previous forecast. It cut its forecast for China — SA’s largest trading partner and a global manufacturing hub — to 4.8% from its previous estimate of 5.2%.has slowly resumed, bringing economic activity back up to normal levels will take time,” Bokil said.
“The coronavirus will undoubtedly have a significant impact on the global economy. The impact is already starting to be reflected through global supply chains, global logistics and tourism. The financial markets reactions reflect the uncertainty that is facing us,” the Bank said.
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