This morning (17 August 2009), Minister Winde launched the Provincial Government of the Western Cape's Quarterly Economic Review. Christelle Grobler, from the Bureau for Economic Research, presented up-to-date information on the state of our economy, while Professor Dave Kaplan, chief economist, commented on how the reports would be of greatest value to the SMME sector, most of which could not afford to hire financial teams to assist them. Please find an extract of the report below:
Global economic output plunged during 2008Q4 and the first quarter of 2009, as the world slipped into synchronized recession. Although signs of stabilization have since emerged, consensus seems to be that the world economy is in for a subdued return to growth with output remaining below potential over the short- to medium term. The SA economy felt the full brunt of the global recession during 2009Q1 and is forecasted to contract by 2% this year, with fairly muted growth of 2.7% projected for 2010. In view of the national economic outlook and the expected world economic conditions, the regional growth picture for 2009 is quite bleak...
Please contact the Ministry at finmin@pgwc.gov.za for a full copy of the report.
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