SA’s manufacturing sector entered recession in the second quarter — putting a damper on the optimism President Jacob Zuma expressed on Tuesday that the economy would improve over the medium term‚ the newspaper reported.
Zuma said while SA’s economy‚ like many others around the world‚ was struggling to recover from the 2008 global financial crisis‚ it was wrong to assume that everything was “doom and gloom“.
In an unprecedented move‚ he delivered a progress report on his February state of the nation address.
Although Zuma was confident of 2% economic growth this year‚ manufacturing data released on Tuesday were the latest to suggest otherwise.
Electricity supply shortages were the major obstacle to growth and would likely shave off one percentage point‚ the president admitted.
Zuma upbeat even as data show slowdown
Zuma said while SA’s economy‚ like many others around the world‚ was struggling to recover from the 2008 global financial crisis‚ it was wrong to assume that everything was “doom and gloom“.
In an unprecedented move‚ he delivered a progress report on his February state of the nation address.
Although Zuma was confident of 2% economic growth this year‚ manufacturing data released on Tuesday were the latest to suggest otherwise.
Electricity supply shortages were the major obstacle to growth and would likely shave off one percentage point‚ the president admitted.
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