SA economy facing ‘enormous headwinds’

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IOL pic jun10 gill marcus Independent Newspapers South African Reserve Bank Governor Gill Marcus. File picture: Simphiwe Mbokazi

Johannesburg - South Africa’s Reserve Bank Governor Gill Marcus said on Tuesday the domestic economy faced “enormous headwinds” - some of which were of the country's own making, including labour issues.

The platinum sector is being crippled by a five-month-long strike, with the world's top producers and the Amcu union in deadlock over wage increases.

Marcus also said there had been a lot of focus on the striking mine workers, but not enough on the platinum producers and the role they have played in “getting into this mess”.

Marcus said she did not believe a recession was the most likely outcome for the struggling domestic economy, adding however that the impact of the platinum strike had not yet been fully reflected in export data. - Reuters

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