Fitch downgrades SA outlook

Fitch downgrades SA outlook: Fin24: Economy

Fitch downgrades SA outlook


Johannesburg - Fitch cut South Africa’s rating outlook to negative from stable on Friday, saying it had seen limited progress on several long-standing structural issues that have over time caused the country’s economic performance to fall behind its peers.


The rand fell 1.5% against the dollar after the move, while South Africa’s 5-year credit default swaps rose 10 basis points.


Fitch, which has a BBB+ rating on South Africa, said the country’s inability to create jobs, with an unemployment rate of around 25%, was putting pressure on growth and narrowing the tax base.

"Talkers are no good doers" William Shakespeare

Solution Mr. Ebrahim Patel - Mr. Pravin Gordhan - Mr. Trevor Manuel - moladi - Train the unemployed to build for the homeless

Keywords - moladi, unemployment, south africa, Ebrahim Patel, Pravin Gordhan, Trevor Manuel, create jobs, Fitch, downgrade, construction, homes, housing


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