South Africa facing recession and downgrades if load shedding continues: Investec

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South Africa’s economic growth faces increased risk in the coming months as prolonged load shedding is set to continue, says Investec chief economist Annabel Bishop.

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The outcome for GDP in 2022 will now depend on how long the country experiences severe outages, she said in a research note on Friday .

After the strong Q1 2022 GDP outcome, Bishop said the second quarter of this year is likely to record a contraction on the back of the flood damage in the KZN province, and the ramp-up in load shedding, along with the weakening in global demand and low confidence levels. “Q2 2022 has proved to be very different to Q1 2022, and Q3 2022 takes many of the suppressing effects from Q2 2022, including sharply higher interest rates and weakening global demand, with global recession a concern.”

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