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South Africa's economy 'in crisis'
h/t Gates of ViennaThe South African economy is 'in crisis' says the country's finance minister Pravin Gordhan. The comments came ahead of his Budget speech, in which he cut the country's growth forecast for 2016 to 0.9%, down from 1.7%. He conceded the economy was struggling with shrinking growth, 25% unemployment, and widespread poverty. The South African currency, the rand, which has halved over the past five years, fell after the speech. It dropped 2.25% to make one rand worth around $0.0639. Posted by: g(r)omgoru 2016-02-25 |
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