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South Africa's Business Confidence Hits Record Low

South Africa's Business Confidence Hits Record Low

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 According to a survey showed on Wednesday, South Africa’s business confidence hit a record low in the second quarter as a coronavirus-led lockdown stalled an economy that was reeling from a recession even before the COVID-19 pandemic. The Rand Merchant Bank (RMB) business confidence index (BCI), compiled by the Bureau for Economic Research, was at 5 points for the second quarter, the lowest level since the first survey in 1975 and down from 18 points for the first quarter. Africa’s most industrialised economy, which entered its second recession in two years in 2019, has been largely shut down since late March, when the government imposed severe restrictions to stem the spread of the novel coronavirus. RMB chief economist Ettienne le Roux said COVID-19 has drastically changed the already-weak economic landscape and perhaps, in some cases, permanently,” He said the country is only beginning to fully appreciate the complexity of the economic impacts of this pandemic. Learn more about your ad choices. Visit megaphone.fm/adchoices

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