Talk about recession is all the rage these days in the US, Europe and other leading economies such as Japan and Canada.
Against the backdrop of worldwide fears of recession, South Africa’s battered economy can hardly escape unscathed.
The jargon in public discourse will often refer to a “technical recession”, but a recession is a recession, finish and klaar. And many commentators still insist on using the nonsensical phrase “negative growth”, which puts a “positive” spin on things, as it includes the word “growth” when there is none.
“Given the better-than-expected momentum in Q1, which contributes to a high base, and the severity of load shedding in June, it is possible that we will see a [quarter-on-quarter] contraction in Q2,” she said. The BankservAfrica Take-home Pay Index recorded one of its biggest annual falls in May, dropping 6.7%.
Rapidly rising rates to contain inflation after years of ultra-loose monetary policy in advanced economies are seen as a key reason why so many are on the cusp of recession.
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