April 30, 2020 / 1:07 PM / a month ago

CORRECTED (OFFICIAL)-South Africa's economy to contract 5.8% this year

(Corrects story to attribute growth forecast to IMF, not Treasury, after Treasury clarifies sourcing)

JOHANNESBURG, April 30 (Reuters) - South Africa’s economy is expected to contract by 5.8% in 2020 but with an expected rebound to 4% growth in 2021, according to a presentation to parliament’s finance committee seen by Reuters, quoting International Monetary Fund projections.

Africa’s most industrialised nation was already in recession before the coronavirus shut down the economy, with overall GDP growth for 2019 at only 0.8%, owing largely to power shortages that hurt industry. (Reporting by Wendell Roelf Writing by Tim Cocks Editing by David Goodman)

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