March 3, 2020 / 12:40 PM / a month ago

South Africa's Ramaphosa says Q4 contraction shows "underlying weakness"

CAPE TOWN, March 3 (Reuters) - South African President Cyril Ramaphosa said on Tuesday that fourth-quarter data showing the country had entered recession pointed to “underlying weakness” in the domestic economy at a time when the coronavirus was affecting the global economic outlook.

Ramaphosa added at a news conference that the data showed Africa’s most industrialised economy needed to sharpen its focus on reforms. He said his government was engaging with public sector unions over plans to contain the wage bill and that unions’ concerns were understandable. (Reporting by Wendell Roelf; Writing by Alexander Winning; Editing by Alex Richardson)

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