South Africa is stepping closer towards a recession, economists say.
South Africa’s economy is increasingly vulnerable to a recession in the next 12 months, with an ongoing electricity crisis seen further curbing activity.
The prediction comes after Eskom said rolling blackouts, known locally as load shedding, are likely to persist for at least two more years as the state-owned power utility overhauls its ageing, mostly coal-fired plants. The survey results are in line with expectations by Absa’s economists, including Peter Worthington and Miyelani Maluleke, who this week became the first major institution to say the economy is in a technical recession.
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