South Africa's GDP contraction could be the worst on record – outdoing that of the global financial crisis of 2008, according to Investec chief economist Annabel Bishop. In a note on the latest business cycle indicators issued by the Reserve Bank on Tuesday, Bishop highlighted that the co-incident indicator – which measures economic activity – for April fell by 26.8%, compared to the previous year. This is "the largest collapse on record," Bishop said. Month-on-month, the co-incident indicator fell by 22% from March.
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