South Africa is edging towards a depression: economist


South Africa’s -2% reduction in GDP growth for Q1 2020 may have been above market expectations, but it almost means nothing given the impact of the coronavirus pandemic, says Maarten Ackerman, chief economist and advisory partner at Citadel.

In a research note on Tuesday (30 June) Ackerman said that this performance only accounts for economic performance to the end of March, so it includes less than five working days of the lockdown.

“The worst, by far, is yet to come from one of the globe’s harshest lockdowns,” he said. “And this grim result follows on from the recessionary…



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