South Africa’s economy tumbles


Minister of Finance of South Africa Nhlanhla Nene during the World Economic Forum on Africa at the Cape Town International Convention Centre, South Africa, 05 June 2015.

South Africa’s economy tumbles

This is not a good year for the BRICS. Brazil and Russia are in economic woes. China is decelerating, but stimulus appears to be working, India appears the new hope for growth and South Africa is well… in tatters.

GDP will not grow more than 1,4% this year, if that.

South Africa’s President, Jacob Zuma, fired his finance minister, Nhlanhla Nene, on Thursday. Nene was trying to reign over the country’s fiscal deficit, which is at a modest 3,3% this year. The markets trusted Nene, but do not...

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