South Africa: President Zuma delivers State of Nation address – to focus on economy

S & P’s downgrade means South Africa could even lose its coveted investment grade credit rating if growth fails to pick up. The outlook continues to remain stable for now, indicating it is not looking at cutting its rating again soon but investors will want reassurance that the government is committed to steering the economy back to health.

The South African economy has been further strained by a cold snap at the start of the southern hemisphere winter and outages at some power generation units, which led to temporary rolling blackouts to prevent the national grid from collapsing.

Zuma’s address to parliament in Cape Town is due to start at 4:00 pm local time (10:00 am EDT).

Source: Reuters

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