The latest gross domestic product (GDP) data released by Stats SA shows that the South African economy declined by 0.7% in the first quarter of 2017, putting the country into a technical recession.
Kevin Lings, Chief Economist, Stanlib explains that the technical recession has been coming for a long time.
Last year we only grew the economy at 0.3%.— Kevin Lings, Chief Economist, Stanlib
We don't really have a clear solution as to how we're going to reinvigorate the economy.— Kevin Lings, Chief Economist, Stanlib
Lings says South Africa's economic decline and under performance has a lot to do with domestic problems. He adds that consumer confidence is also extremely low. Without confidence, all economies will start to soften, not just in South Africa.