Wednesday, February 25, 2009

Recession hits South Africa

The Union Building in Pretoria, South Africa.

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Recession hits SA as GDP shrinks by -1.8%

    GDP shrinks for first time in 10 years; car makers need R10bn bailout

    THE global economic storm has finally reached our shores.

    South Africa’s economy has shrunk for the first time in 10 years. With economists warning that we might already be in a recession and local car manufacturers approaching government for a R10-billion bailout, pressure is building on the Reserve Bank to cut interest rates more aggressively.

    Lihle Z MtshalI, Zweli Mokgata, Werner Swart and Kea Modimoeng

     Read the full article here...

     

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