Zuma admits that South Africa's economy is under pressure

01 Feb 2016 | Admin Author

President Jacob Zuma has admitted that South Africa's economy is under pressure.

Zuma met with different sectors from the economy at the Presidential Guest House on Friday.

Ministers, including Susan Shabangu, Jeff Radebe and Rob Davies, were also at the meeting, as well as representatives of Cosatu, Business Unity SA and Fedusa.

This week, Cabinet blamed the wave of wildcat strikes and illegal industrial action for the reason rating agencies downgraded South Africa from stable to negative.

Rating agency - Standard & Poor's - yesterday cut the country's credit rating one notch with a negative outlook, saying mining strikes and social tension could reduce fiscal flexibility and hurt growth.