SA’s 0,7% GDP decline means possible job, wage cuts on horizon

The new gross domestic product (GDP) data is not good news for consumers, with the latest fall in real GDP meaning that the size of South Africa’s economy in the second quarter was smaller than what it was before the pandemic. “A contracting economy means potential wage and job cuts on the horizon and with the likelihood of a further interest rate hike coming at the end of September, that means even less disposable income. “Therefore, if you even still have a belt left, I am afraid that means more belt tightening ahead,” says Hayley Parry, Money Coach and facilitator…

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