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.
This article first appeared on 702 : SA economy has lost its momentum- economist