S.African finance minister says country will not slip into recession
164 views · Published 15 January 2016 · 5:53 · Indexed 30 October 2026
Channel: CGTN Africa · 2016 · News & Politics
South African finance minister, Pravin Gordhan says that the economy will not slip into a recession this year, contrary to economists' predictions which highlight that sharp falls in the rand point to a contraction this year. The rand slumped to a record low of 17.99 to the dollar on Monday as China, one of its biggest trading partners weakened its currency aggressively. The depreciation has however helped export prospects of South Africa, and coupled with low global crude prices, has helped to alleviate pressure on the current account.
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