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Survey: 7 out of 10 business owners downbeat about SA's economic conditions

The officials who conducted the survey say it shows the impact of political uncertainty after President Jacob Zuma's reshuffle and persistently weak business activity.

Picture: Pixabay.com.

JOHANNESBURG - A new survey has found that seven out of every 10 business owners are downbeat about prevailing business conditions - the worst reading since the 2009 recession.

The RMB Bureau of Economic Research Business Confidence Index has found that confidence collapsed by 11 points on its index and that respondents in each of the five main categories are pessimistic about business conditions.

The officials who conducted the survey say it shows the impact of political uncertainty after President Jacob Zuma's reshuffle and persistently weak business activity.

Econometrix Chief Economist Azar Jammine says this is the result of recent political events.

“That is the most damaging impact that we have had so far from the Cabinet reshuffle and the credit rating downgrades that have emerged.”

(Edited by Zinhle Nkosi)