Feb 16, 2016

Moody's sees risk of zero South African growth on drought, Rand

South Africa
by
Xola Potelwa
,
Bloomberg
Rainfall in 2015 was the lowest since South African records began
Rainfall in 2015 was the lowest since South African records began

The worst drought on record is combining with a steep slump in the rand to bring the risk of minimal economic growth or even recession for South Africa this year, according to Moody’s Investor Service.

The continent’s largest corn producer received the lowest rainfall on record last year, reducing the harvest to the smallest since 2007, as the El Nino weather pattern withered crops