Central bank sees S Africa exiting recession

Posted by BankInfo on Sun, Jul 30 2017 10:51 am

JOHANNESBURG: South Africa's central bank chief said Friday the country was expected to have emerged from its first recession for eight years during the second quarter of this year.

Africa's most advanced economy unexpectedly contracted in the first quarter of this year, slipping into its first recession since 2009, reports AFP.

"We believe that the worst is behind us -- and that growth in the second quarter of this year will be positive," said central bank governor Lesetja Kganyago.

The bank forecasts the economy to grow by 0.5 percent this year, which it expects to rise to 1.5 percent in the next two years.

News:Daily sun/30-jun-2017
Posted in Banking, News