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Gordhan: SA not heading for recession

Markets

Cape Town - South Africa's economy will not slip into recession, Finance Minister Pravin Gordhan said on Thursday, countering predictions by some economists that sharp currency weakness pointed to a contraction this year.

“We are growing as an economy, we are not going into a recession. But we are not growing fast enough,” Gordhan told a media briefing after a Cabinet meeting.

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Finance minister, Pravin Gordhan. Picture: Linda Mthombeni

Gordhan, who returned as finance minister in December, said he would be meeting with the central bank to discuss how to deal with the challenges of growth.

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