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South Africa’s economy will contract by more than initially projected, likely shrinking 6.9 per cent in 2020 compared to an earlier forecast of a 4.5 per cent contraction, ratings agency S&P Global Ratings said on Monday in a report.
South Africa has the highest number of confirmed coronavirus cases in Africa, with more than 270,000 infections, and 4,000 deaths, and is now recording the fourth-largest daily increase in new cases worldwide at more than 12,000 per day.
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