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Article: Recovery by year's end.(News)
- Article from:
- Daily News (South Africa)
- Article date:
- July 2, 2009
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The economy will start to recover from recession later this year, with growth over the next few years seen at about 2.5 to 3.5 percent, Finance Minister Pravin Gordhan says.
Africa's largest economy lurched into recession in the first quarter of this year - the first time in 17 years - as depressed local and global demand hit the key mining and manufacturing sectors.
"Our view is that the economic recovery will start later this year, but it will be a slow, gradual recovery with employment growth lagging the economic recovery," Gordhan told parliament yesterday.
"Given our close correlation with global growth ... we are likely to grow by about ...