UK Recession

Sourced from Finance Monthly. According to Statistics South Africa, the country’s economy decreased by 2.0% in the first quarter of 2020. Extending the technical recession the country found itself in in the last quarter of 2019. Stats SA’s latest quarterly GDP figures come only a week after SA’s finance minister Tito Mboweni tabled a supplementary budget in part of the country’s response against the COVID-19 pandemic. South Africa is the worst affected country in the continent. Treasury now expects the country’s GDP to contract by a record 7.2% by the end of the year, while tax revenues are expected to fall over R300 billion shorter then what was estimated in February’s budget. Fin24 reports that the global economy is likewise looking dour. The UK is reporting a 2.2% contraction between Ja...