South Africa, is experiencing a RECESSION ! They have one of the largest economies in Africa.Trade fell by 5.9 per cent and manufacturing declined by 3.7 per cent in the first quarter of 2017 according to the countries statistics agency.
The country’s economy was already struggling with official unemployment of 27.7 per cent, as well as financial fallout from scandals surrounding President Jacob Zuma.
South Africa’s credit rating was lowered this year by Fitch and Standard & Poor’s. It was lowered to below investment grade after the President Zuma fired Pravin Gordhan, a supposed corrupted finance minister. Calls for Zuma to resign have increased within the ruling African National Congress party, fuelling uncertainty about the country’s leadership.
South African media have reported on the alleged influence of the Gupta family, Indian immigrant businessmen with close ties to Zuma who have been accused of trying to manipulate the government for financial gain.