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The overall Johannesburg Stock Exchange index plummeted just over 6% in early trade and the rand also weakened by nearly 50 cents against the US dollar, this amid the worsening effect of the coronavirus on the global markets. South Africa is currently in a technical recession with growth forecasts revised to under 0.5%. Economists say the Reserve Bank will have to implement aggressive rate cuts to support the struggling economy.

Source: eNCA

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