Moody’s cuts SA’s 2020 GDP growth forecast to 0.7%
Business and consumer sentiment has also declined over the last two years, it said
Ratings agency Moody’s has cut its 2020 growth forecast for SA to 0.7%, saying the economy remained stuck in low gear due to lacklustre private sector demand at home.
Moody’s, which in September had foreseen growth of 1.5%, also attributed the downgrade to the detrimental impact of widespread power outages on manufacturing and mining activity, it said in a research report released on Monday.
Mines across SA shut down in December after flash flooding triggered the most severe power blackouts in more than a decade, threatening the key export sector...