Cosatu: SA’s economy crisis getting out of hand

Written by on 18 February, 2020

Trade Union federation, Cosatu, says it is concerned that the country’s economic crisis is getting out of hand.

Ratings agency Moody’s has cut the country’s 2020 growth forecast to 0.7 % from a September forecast of 1.5%.

In a research report, Moody’s also attributed the scaled down forecast to the detrimental impact of the continued load shedding on the country’s manufacturing and mining activity.

In November, the rating agency gave National Treasury until the February budget to implement the necessary reforms to lift the economy out of the slump.

Cosatu spokesperson, Sizwe Pamla, elaborates.

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