NewsLite SA
ADVERTISEMENT
  • Home
  • News
  • Tech
  • Lifestyle
No Result
View All Result
  • Home
  • News
  • Tech
  • Lifestyle
No Result
View All Result
NewsLite SA
No Result
View All Result
Home Economy

SA takes another hit from Moody’s, lower economic growth rate

NewsLite by NewsLite
17th Feb 2020
in Economy
2 min read
0
9
SHARES
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram

The credit rating agency Moody’s cut expectations for South Africa’s economic growth rate by 2020 to below 1%.

The previous forecast, in November, was 1%. Now growth for the year is expected to be just 0.7%.

The growth expected for 2019 has also been adjusted downward to now at 0.3%. This figure will be released in March.

“We attribute the persistent weak economy in South Africa to the weak demand from the private sector – both household spending and investment – as well as the detrimental effects of widespread power cuts on manufacturing and mining.”

In addition, the country’s gross domestic product (GDP) is also expected to grow by less than 1% next year, by 0.9%. Previously, it was expected to be 1.2%.

The information is part of Moody’s latest outlook for international economic growth.

South Africa is among four emerging countries whose growth prospects have been adjusted downwards.

Moody’s says in its statement that the growth outlook for South Africa, India and Mexico has been substantially downgraded, but it reflects domestic problems rather than external factors.

The growth rate for the entire global economy was lowered by 0.2 percentage points this year.

“The coronavirus epidemic creates a new risk for the prospect of beginning to stabilize global growth this year thanks to the US-China trade war.”

China’s growth forecast for this year was lowered to 5.2%.

Share4Tweet2SendShare
Previous Post

Faf du Plessis back for T20 against Australia

Next Post

PE homeless man stabbed to death for his jacket

NewsLite

NewsLite

Next Post

PE homeless man stabbed to death for his jacket

Three’s deaths linked to taxi violence

Triple murder on farm shakes KZN

ANC councilor in court for attempted murder

Three arrested after murder of Smithfield farmer

Integrity Commission says Ace must stand aside

WATCH: Community cause chaos at Senekal court, attempts to overturn police van holding alleged killers

NewsliteSA is an independent South African news website with no agenda. NewsliteSA brings you breaking news, politics, celebrity, sport and world news.

Follow Us

Browse by Category

  • Business (16)
  • Celebrities (1)
  • Crime (281)
  • Economy (178)
  • Featured (682)
  • Gaming (1)
  • Health (9)
  • International (44)
  • Journalism (32)
  • Lifestyle (5)
  • Money (10)
  • News (2,055)
  • Politics (52)
  • Sport (22)
  • Tech (8)
  • Video (294)
  • Viral (1)
  • Weather (2)

Recent News

Three’s deaths linked to taxi violence

15th Dec 2020
Triple murder on farm shakes KZN

Triple murder on farm shakes KZN

15th Dec 2020
  • Contact Us

© 2020 NewsLiteSA - c[email protected]

No Result
View All Result

© 2020 NewsLiteSA - [email protected]