South Africa in Recession?

[Cow Poke]

South Africa in Recession?

With South Africa reeling amid concerns of land expropriation, the rand tumbling amid broad emerging market fears and the local economy pressured by collapsing consumer spending, moments ago the Pretoria-based Statistics South Africa announced that Q2 GDP contracted at a 0.7% annualized rate, missing expectations of a 0.6% increase, and together with the sharp drop in Q1 GDP, South Africa has now officially entered its first recession since 2009.

[Sparko]

Now that they have confiscated all of the white farms, are they going to actually produce anything? Their entire economy lately seems to be built on taking, not making.

[Leonhard]

Having a government with as much disagreement with itself as they have certainly can't be good for the economy. The land reform itself seems to have been poorly implemented.

[Cow Poke]

I think this is an excellent example of revenge winning over wisdom.

[Roy]

I think this is an excellent example of revenge winning over wisdom.

Pyrrhic.

[Cow Poke]

Pyrrhic.

They have medicine for that.