SA economy to shrink by 7.2% in 2020, says Minister Mboweni

Finance Minister Tito Mboweni says the country’s economy will shrink by 7.2% in 2020. This will be the biggest decline in 90 years.

Mboweni presented his supplementary budget speech amid the COVID-19 crisis on Wednesday.

“Our early projection is that gross national debt will be close to R 4-trillion 81.1% of GDP by the end of this fiscal year.

This is compared to an estimated R3.56-trillion or 65.6% of GDP in February. Without external support, these borrowings will almost entirely consume all our national domestic savings leaving no space for investment by everyone else,” he said.

Mboweni also says joblessness is the government’s greatest challenge.

The unemployment rate increased by one percentage point to 30.1% during the first quarter.

“The unemployment rate in our country is the greatest challenge. The economic support package sets aside R1-billion for a multi-year comprehensive response to our jobs emergency.”

-eNCA

In other news – List of all jobs media personality Ayanda Thabethe did before becoming a TV Host

That is why it is said, do not let your past or present determine your future, keep sticking to your dream goals! The journey to your ultimate dream job can be filled with interesting plot twists which happen to be the case for Model, actress, and businesswoman Ayanda Thabethe.

Thabethe shared the humble beginnings of her career which all started at an assistant level. continue reading