South African economy: From Ramaphoria to Ramapression?

South African economy: From Ramaphoria to Ramapression?

- Cyril Ramaphosa promised South Africans an economically stronger country when he became president

- The latest data shows that the economy has not grown, it has shrunk

- It seems that the level of confidence in the South African president is as low as it was with Jacob Zuma

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When Cyril Ramaphosa took over leadership of South Africa, he promised a better and stronger economy and South Africans cheered because they were so over Jacob Zuma.

But it is starting to look like the promises were nothing more than beautiful lies that had South African hopeful.

According to reports on South Africa's economy, there has been a huge shrink that kills any blind believe that Ramaphosa was going to work miracles.

South Africa's economy has suffered a 2.2% contraction and this is only in the first quarter of the year.

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Briefly.co.za learned that South Africa's banking stocks have fallen and the rand has weakened again.

This 2.2% shrink is the most South Africa's economy has experienced in 9 years and makes the country doubt that Ramaphosa will in fact be leading the country into a new dawn.

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According to analysts, president Ramaphosa may have boosted the hopes and dreams of South Africans and even strengthened the country's economic outlook for a while, but things are back to where they started.

Once again the confidence levels are where they were back when Jacob Zuma was still South Africa's leader.

South Africa's business world waits for real change in the country because so far the output has only grown 0.8% - way less than what was hoped for.

The country is undivided in their support of Ramaphosa, as they wait to see what happens in the future.

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Of course, this little bit of bad news means that the Reserve Bank will not likely take any chances with the increase of interest rates any time soon.

Only time will tell if Cyril Ramaphosa can actually deliver on his grand promises.

Watch the very informative and funny Top-5: How to be an African president - detailed guide video and see what else is going on at Briefly South Africa's YouTube channel.

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Source: Briefly.co.za

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