In the fourth quarter, South Africa almost avoids recession due to slow growth.

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The newest data released on Tuesday shows that in the fourth quarter of last year, South Africa’s economy just missed going into a technical recession.

Data released by Statistics South Africa indicated that the economy expanded by a meager 0.1% on a quarterly basis, after contracting by 0.2% in Q3.

The tiniest of margins prevented a recession, which is defined as two consecutive quarters of declining economic output.

Ultimately, real annual GDP increased by 0.6% in 2023, which was in accordance with the National Treasury’s prediction but still much slower than the 1.9% rise in 2022.

In general, economists predict that GDP growth will range from 0.7% to 1.5% in 2024.

This is terribly inadequate to allow the government to deal with serious issues like the extraordinarily high rates of poverty, inequality, and unemployment.

Voters are very concerned about all of these concerns as the nation prepares for what is anticipated to be the most hotly contested national and local elections in memory.

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