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 between 9 to 12 January, with seven economists responding to a question about the chance of a recession.
Eskom has for the past seven days subjected the country to record blackouts — as much as 12 hours a day — to protect the power grid from collapse as its ageing, mostly coal-fired power stations fail. Sustained rolling blackouts outages at the current “extreme levels” are the most significant downside risk to the country’s economic growth prospects, the’s Tracey-Lee Solomon, Romano Harold and Hugo Pienaar said in a note published on its website on Monday.
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