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CGF ARTICLES, OPINIONS & EDITORIALS

COMPETITION LAW: BAD ECONOMIC TIMES CAN BE GOOD BUSINESS FOR OTHERS (2016-07-05)

Article by Terrance M. Booysen

As South Africa’s economy continues to struggle with shrinkage of 7.1% in exports and imports -- which was recently reported by Statistics SA for the first quarter of 2016 -- our dismal GDP (gross domestic product) annual growth of less than one percent, is great cause for concern.  The pressure to see some form of economic vibrancy, which has generally eluded the country since 2008, has never been greater than it is at this point in time.

Besides South Africa narrowly escaping a series of country-downgrades from Standard & Poors, Fitch and Moody’s international rating agencies earlier this year, there is still very little evidence to indicate just how businesses will be re-energised to provide the much needed employment to millions of unemployed citizens, which is estimated to tally around 5.7 million people (26.7% of the population).  This being said, reportedly South Africa is the only country in the world that has been placed on such a long-term warning of a potential ‘junk-status’ downgrade by the rating agencies, and the country has suffered consistent rating downgrades during President Jacob Zuma’s tenure.

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