South African economy not headed for a recession: S&P

Ratings firm S&P Global Ratings said on Monday it does not see South Africa's economy slipping into a recession soon but warned that economic reforms had to be implemented to avoid a downgrade in December. S&P affirmed the investment grade rating of Africa's most industrialised country on Friday, keeping at BBB- with a negative outlook, but lowered its economic growth estimate to 0.6 percent from 1.6 percent. South Africa expanded by only 1.3 percent in 2015 and has seen major industries