recession
South Africa’s GDP Falls by 2% During First Quarter of 2020
Sourced from Finance Monthly. According to Statistics South Africa, the country’s economy decreased by 2.0% in the first quarter of 2020. Extending the technical recession the country found itself in in the last quarter of 2019. Stats SA’s latest quarterly GDP figures come only a week after SA’s finance minister Tito Mboweni tabled a supplementary budget in part of the country’s response against the COVID-19 pandemic. South Africa is the worst affected country in the continent. Treasury now expects the country’s GDP to contract by a record 7.2% by the end of the year, while tax revenues are expected to fall over R300 billion shorter then what was estimated in February’s budget. Fin24 reports that the global economy is likewise looking dour. The UK is reporting a 2.2% contraction between Ja...
CBN: We’ll steer Nigeria away from recession
The Central Bank of Nigeria on Wednesday said it would not be deterred in its effort to steer the Nigerian economy away from the looming recession due to the impact of COVID-19. It said this was in spite of the push by some vested interests to impugn the integrity of the bank. The Bank’s Director, Corporate Communications Department, Isaac Okorafor, said the bank had uncovered sinister plans by some persons in Nigeria’s economic and socio-political space to distract the CBN. He said such persons want to discredit the institution through deliberate misinformation, complete fabrications and outright lies. He, however, noted that the CBN Governor, Godwin Emefiele, and his team at the bank would not be deterred by the actions of such persons. Okoroafor said the bank, in pursuit of its mandate ...
