35853
S. Africa Faces Tough Year
World Economy

S. Africa Faces Tough Year

Economists predict that this year will continue to be a tough one for South Africans with the country ranked as the third most miserable nation economically in the world.
Bloomberg rates Venezuela as the most miserable economy, followed by Argentina and then South Africa.
Data from 63 countries was compared to draw up the report, which included a look at the unemployment rate and inflation.
Nedbank senior economist, Nicky Weimar said to add to the depressing economic environment the country is in, the unemployment rate is also making South Africans feel more miserable.
“With China slowing and commodity prices on a deep slump, there’s a lot of pressure on our mining and manufacturing sector and even those who are employed are probably thinking to themselves ‘I wonder how secure my job is’,” Weimar said.
But Standard Bank’s chief economist, Goolam Ballim seems to believe there is hope to get out of this misery. “Later this year will show not quite joy but I sense that there will be vibrations.”
Economists say the drought has worsened the country’s economic outlook, slowing down growth and increasing inflation.
Global oversupply and a drop in coal prices to 7-year lows have hit miners and coal exporting countries hard. Indonesian coal exports fell 50 million tons in 2015 due to the market glut and Chinese slowdown.
A drop in Indonesian exports to India, which imported around 165 million tons of thermal coal in 2015, offers an opportunity for South Africa, analysts said.
Exports last year were helped by improved transport logistics moving coal to Richards Bay Coal Terminal, one of the leading coal export terminals in the world, while lower freight prices for global seaborne coal also aided South African producers to compete for “price-sensitive” Indian buyers, analysts said.

 

Short URL : http://goo.gl/ifcB3H
  1. http://goo.gl/v10gPn
  • http://goo.gl/FMWuy8
  • http://goo.gl/YolGA1
  • http://goo.gl/8ojEqC
  • http://goo.gl/xPYCC0

You can also read ...

The New York Stock Exchange
Billionaire Warren Buffett prodded ordinary investors on...
(P)GCC Facing Three Major Challenges
The (Persian) Gulf Cooperation Council—Bahrain, Kuwait, Oman,...
Strong Euro a Headache for ECB
In recent weeks, the euro has been at its highest level,...
Saudi Jan Inflation Shoots Up to 3%
Saudi Arabia’s annual consumer price inflation jumped to 3% in...
Philippine to See 7% GDP Growth
The Philippine economy is seen to expand by 7% this year,...
Remaking Scotland a Waste-Free Economy
Funding has been announced for nine Scottish projects designed...
Oman Reports Trade Surplus
The Sultanate of Oman’s trade balance during the first ten...
Lower Electricity Bills for Cambodia Businesses
Cambodia seeks to lower electricity fees for companies in the...

Trending

Googleplus