A recent survey of economists puts the chance of South Africa slipping into recession this year at 45% – up from 35% in Nov 2022 – as our electricity crisis deepens. energycrisis loadshedding
Africa’s most industrialised economy faces a 45% chance of slipping into recession this year as South Africa’s electricity crisis deepens. The probability of it happening in the coming 12 months increased from odds of 35% in November, around the start of the longest streak of consecutive daily power cuts. That’s according to the latest Bloomberg monthly survey of economists, conducted from 9 to 12 January, with seven economists responding to a question about the chance of a recession.
Read: Intense power outages are most worrying yet, Absa says Ramaphosa to skip WEF to deal with crippling load shedding Eskom bosses head for emergency meeting with the president It has already used up money for diesel supplies allocated to fuel auxiliary plants for the year through March and a unit at its nuclear station is shut down for a revamp. This means any additional faults among its assets and infrastructure could move South Africa to its highest level of outages yet.
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