Browsing: South Africa COVID-19

South Africa, Africa’s second-largest economy could be in deep trouble, as the nation’s currency—rand eased against the dollar early on Wednesday, whereby the currency kept on sustaining losses a day after the central bank surprisingly cut lending rates, according to information from Reuters.

The nation’s finance minister Tito Mboweni also gave a warning on the possible trail towards a deep recession this year. In a different occasion, the finance minister highlighted that a recession could hit due to the global coronavirus (COVID-19) pandemic, that has put the world economy at risk.

However, South Africa’s diversified economy was already in recession before the COVID-19 pandemic took a large toll on its economy.

READ:Recession could hit Sub-Saharan Africa, World Bank says

At 0625 GMT, the rand traded at 18.4770 per dollar, 0.9 per cent weaker than its previous close, according to data presented by Reuters.

However, according to the South African …