South Africa’s latest economic data reveals it has slumped into a full recession, a second in 2 years. Statistics South Africa reported that the country’s economy contracted by -1.4% during the fourth quarter of 2019.
These results meant that South Africa also slipped into its third recession since 1994. A country enters a technical recession if it experiences two consecutive quarters of economic contraction.
Now, this news is expected to pile pressure on president Cyril Ramaphosa who became president two years ago. His cabinet says it will respond by adopting an aggressive spending strategy on catalytic projects and initiatives.