South Africa avoids recession as economy grows by 3.1%
We can’t be seduced by this handsome number. Structurally, the economy is mired after a decade of destruction… and large pollical disfunction…Goolam Ballim, Group Chief Economist - Standard Bank
South Africa’s economy grew by 3.1% in the second quarter of 2019, according to Stats SA.
Mining was the main driver of the economy.
It grew by 14.4%.
The financial services sector is up by 4.1%.
Clement Manyathela interviewed Goolam Ballim, Group Chief Economist at Standard Bank.
Listen to the interview in the audio below (and scroll down for more quotes from it).
South Africa needs a minimum of 2.5% growth consistently to see the unemployment rate fall and to stabilise public debt.Goolam Ballim, Group Chief Economist - Standard Bank
In 2020, it [a rate cut] is more likely [than in the rest of 2019] … It’s not imminent…Goolam Ballim, Group Chief Economist - Standard Bank
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