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This Friday, Moody’s Investors Services — the last agency to have the country on investment grading — may just deliver that reckoning.
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South Africa has so many problems, with the coronavirus the latest crisis to add to our recession woes, that I’m sure many people sometimes feel overwhelmed.
TWO RECESSIONS in less than two years and a sixth consecutive year that South Africa’s economy has grown below 2 percent – that’s the picture of this country following news that the economy shrank by 1.4 percent in the fourth quarter last year and grew only 0.2 percent in 2019.
In a month in which Moody’s Investors Services may make a call on our sovereign ratings that could send us crashing into “junk” status. It’s not how we would have chosen to enter our autumn, but it is what it is.
What was called for in this week’s budget speech was substance, rather than bluster about how we must do something about the crisis in expenditure and rising debt. For the most part, finance minister Tito Mboweni delivered.
There’s a lot riding on this year’s state of the nation address, something I am sure you’ve heard one time too many over the past few years in a country with an economy struggling to grow.
In the spirit of coming to a solution to the Eskom debt crisis, we welcome the contribution that was made by Cosatu over the past week. But we caution against its adoption because we can’t use public pensions as a convenient “piggy bank” to bail out our indebted state-owned enterprises.