And some of emerging entrep
reneurs are feeling the pinch as business slows down, resulting in job losses for breadwinners.
Recession, has hit South Africa since 2009, following the latest figures showing there had been negative economic growth for two successive quarters.
An emergency meeting has been called by minister of finance Malusi Gigaba to meet with business leaders to discuss ways of working together to achieve inclusive economic growth and stabilize it.
Gigaba will be seeking a meeting with business leaders soon to discuss ways of working together to achieve inclusive economic growth,” Treasury said in a statement.
“The current state of the economy puts more pressure on us as government, business, labour and broader society to intensify our growth programmes and improve confidence as a matter of urgency to arrest the decline and set the economy on a higher growth trajectory.”
Stats SA says the national economy contracted by minus 0.7% in the first quarter of 2017, after it contracted by 0.3% in the final quarter of 2016.
The Rand extended losses to nearly 1% after the GDP data.
For an ordinary street hawker, a graduate seeking employment and small medium enterprise this is bad news to their ears.
And we’re also feeling the pinch be it big or small establishments
.
