April 30, 2020 / 11:30 AM / a month ago

South Africa treasury expects 5.8% economic contraction this year

JOHANNESBURG, April 30 (Reuters) - South Africa’s national treasury expects an economic contraction of 5.8% in 2020 but with an expected rebound to 4% growth in 2021, according to a presentation to parliament’s finance committee seen by Reuters.

Africa’s most industrialised nation was already in recession before the coronavirus shut down the economy, with overall GDP growth for 2019 at only 0.8%, owing largely to power shortages that hurt industry. (Reporting by Wendell Roelf Writing by Tim Cocks Editing by David Goodman )

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