Summary

2018 was a trying year for the South African economy: it grew by just 0.8%, slowing significantly during the final quarter, and structural issues like high indebtedness, unemployment, and currency volatility served to undercut any momentum that Cyril Ramaphosa had when he took over for Jacob Zuma in February.

And after a bombshell annualized contraction of 3.2% in the first quarter, it appears as though 2019 won’t be bringing any relief. In fact, the worst is likely still to come for the South African economy.