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Mosebenzi Zwane’s statement was “issued in his personal capacity and not on behalf of the task team or Cabinet”.
The South African GDP will only grow by 0.6% this year, the International Monetary Fund predicts.
The finance minister targeted civil-servant jobs and increased wealth taxes in an effort to prevent a credit-rating downgrade.
South Africa’s repo rate has been raised by 50 basis points in an effort to counter the rand’s slump.
With the nation’s credit rating in terrible shape, SA’s finance minister may be forced to downgrade growth and tax forecasts in his mid-term budget.
Finance Minister Nhlanhla Nene insists that the rand’s fall is in line with emerging markets and only "temporary".
The very industries that should benefit from the rand’s slump are the ones being hobbled.
The currency’s 10% drop against the dollar this year is unlikely to cause inflation to spike.
South Africa has raised its benchmark rate as inflation threatens to exceed the central bank’s target.
South African policy makers may decide that the time for talking is over, as they meet to decide on the first increase in borrowing costs in a year.
Moody’s is the second ratings agency in 2014 to downgrade South Africa and Fitch, analysts warn, could very well do the same next month.
The four-week strike led by trade union Numsa in July disrupted the manufacturing sector causing production and output to shrink.
GDP data is expected to show SA rebounded from a contraction but there still remains little momentum to spur economic growth.
Consumer Price Inflation exceeded the Reserve Bank’s target band of 3% to 6% for the third time in .
The finance minister said government is committed to lowering the budget deficit but a sluggish economic growth outlook will present a challenge.
Economists are split on whether the South African Reserve Bank’s Monetary Policy Committee will hold or hike interest rates on Thursday.
Industry body Seifsa is said to be meeting with Numsa on Wednesday morning to discuss a wage agreement.
SA’s biggest metals union is verging on a wage agreement with employers one week after embarking upon a strike, the department of labour says.
Moody’s rating agency has warned that the country’s credit rating is at risk as the 220 000-strong Numsa strike enters its fifth day.
The new finance minister says the country is unlikely to meet a a growth target of 2.7% for the year given the protracted platinum strike.
