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South Africa's Zuma says economy faces major challenges
October 18, 2016 / 1:26 PM / a year ago

South Africa's Zuma says economy faces major challenges

PRETORIA (Reuters) - South Africa’s economy still faces major challenges despite growing by 3.3 percent in the second quarter after contracting in the first, President Jacob Zuma said on Tuesday.

President Jacob Zuma speaks during his question and answer session in Parliament in Cape Town, South Africa, September 13, 2016. REUTERS/Mike Hutchings

In an address to South African diplomats who represent the country abroad, Zuma also said he backed efforts by Finance Minister Pravin Gordhan to reassure investors about betting on Africa’s most industrialized country.

Investors have been nervous about Pretoria’s commitment to sound economic policy since Zuma changed finance ministers twice in less than a week in December. Fraud charges by the state against Gordhan announced last week have also hurt markets.

Reporting by TJ Strydom; Writing by Stella Mapenzauswa; Editing by James Macharia

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