S&P forecasts South Africa’s economy to shrink 4.5% in 2020


Jan‘s Advertisement
BIZARRE: Russia: Scientists to create a genetic weapon against Anglo-Saxons
This is a bizarre story from Russia. I have the link to the original Moscow Times article in Russian which you are welcome to translate. I have published the translation as well as the original text. Now you will see the crazy type of stuff Russians publish in Russia.


S&P Global Ratings on Friday said it projects South Africa‘s economy to shrink by 4.5% this year as a result of the Covid-19 pandemic that has impacted production and consumption.

In April, S&P downgraded South Africa‘s credit rating further into non-investment-grade territory, saying Covid-19-related pressures would have significant adverse implications for the country’s already ailing economy and for tax revenues.

It lowered its long-term foreign-currency rating on South Africa to “BB-minus” from “BB” and its long-term local-currency rating to “BB” from “BB-plus,” with a stable outlook.

“Covid-19 will weigh heavily on GDP growth given the strict domestic lockdown that has shut down much of the economy, the markedly weaker external demand outlook, and tighter credit conditions,” S&P said. “As a result, we now project the economy to shrink by 4.5% this year.”

The ratings agency projects growth of 3.5% for 2021.

South Africa‘s lockdown has entered its ninth week, leaving many businesses and individuals struggling without income in the recession-hit economy.

S&P said the weaker macroeconomic environment would also weigh heavily on fiscal revenues, projecting that the fiscal deficit would widen to 13.3% of gross domestic product in 2020 –the widest in the country’s democratic history.

S&P estimates net debt levels would rise to over 75% of GDP by the end of 2020.

“Our anticipation of an only tepid economic recovery means that public financing needs will likely remain elevated throughout the forecast period,” S&P said. “As a result, the net debt-to-GDP ratio is unlikely to stabilize within this timeframe, rising to 85% by 2023, raising questions around debt sustainability.”

Source: https://www.moneyweb.co.za/news-fast-news/sp-forecasts-south-africas-economy-to-shrink-4-5-in-2020/



Jan‘s Advertisement
Video: How the Church betrayed the Boers and is directly responsible for the White Genocide
This is an absolutely brilliant video that was made in 2017. The Boers were TOTAL believers in the Bible and in Christianity. It had kept them going through the hardships of life in Africa.

%d bloggers like this:
Skip to toolbar