Ratings agency Moody’s has cut its 2020 growth forecast for South Africa to 0.4% from 0.7%.
In a report on Friday, Moody’s listed South Africa as one of several countries it saw as having lower growth prospects because of the coronavirus outbreak.
‘The global spread of the coronavirus is resulting in simultaneous supply and demand shocks,’ the agency said in its global research report.
Moody’s is the last of the major international agencies to keep South Africa on an investment-grade rating, but is scheduled to review that assessment this month.
The agency’s report said: ‘We expect these shocks to materially slow economic activity, particularly in the first half of this year. We have therefore revised our 2020 baseline growth forecasts for all G-20 economies.’
On Thursday, South Africa confirmed its first case of coronavirus, in a citizen who had visited Italy.