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It’s ignorance to say junk status is good news - economist

Nedbank chief economist Dennis Dykes says there is clearly little understanding of what this means for the country.

Picture: EWN.

CAPE TOWN - Government and other leaders quoted as saying the downgrade to junk status is actually good news, have been criticised for their lack of knowledge of the economy.

The Sunday Times has quoted Water And Sanitation Minister Nomvula Mokonyane as saying it’s better this way, as “we have an opportunity to bring western investors back on our terms.”

South African Airways' Dudu Myeni supports her, saying the downgrades to junk status by S&P Global and Fitch, are actually good news.

Nedbank chief economist Dennis Dykes says there is clearly little understanding of what this means for the country.

“This means we’re paying vastly more than we should that actually constrains economic growth going forward. It’s complete ignorance or it’s people who are just don’t understand what’s facing us now.”

WATCH: Gigaba: I knew credit rating downgrade was coming

(Edited by Winnie Theletsane)

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