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South Africa's economy to see worst performance in 90 years

Published Wed Jun 24 2020 16:29:59 GMT+0000 (Coordinated Universal Time)
South Africa’s economy is expected to decline by 7.2% this year, its worst performance in 90 years, as the coronavirus pandemic takes a toll on sub-Saharan Africa’s most developed country. This was revealed in an emergency budget delivered by Finance Minister Tito Mboweni on Wednesday, a day after the country’s statistics body revealed its unemployment rate had increased by 1% to 30.1%, its highest ever. Mboweni proposed spending an additional $1.9 billion for COVID-19 related healthcare as the country’s coronavirus cases continue to rise, going above 106,000 as of Wednesday. South Africa was already in recession when COVID-19 hit and the country went into a strict lockdown that halted most economic activity for two months.
by By MOGOMOTSI MAGOME
South Africa's economy to see worst performance in 90 years
South Africa's economy to see worst performance in 90 years