Recession might not be a surprise: S.Africa Mboweni
JOHANNESBURG (Reuters) – South African Reserve Bank Governor Tito Mboweni said on Tuesday he "might not be surprised" to see another quarter of negative growth, which would send Africa's biggest economy into recession.
"There might be a bit of a difference of opinion between me and the Finance Minister," Mboweni told members of the Johannesburg Country Club.
"He’s confident we won’t see another quarter of negative growth. We are of the view that we might not be surprised to see another quarter of negative growth … technically that’s a recession."
South Africa’s economy shrunk by 1.8 percent in the fourth quarter of 2008 and weak production and mining output have indicated it is on course for its first recession in 17 yrs.