Friday, February 27, 2009

Minister urges SA to spend wisely

By Mikhaila Crowie
27 February 2009

Finance Minister Trevor Manuel has urged South Africans to spend more money on paying off bonds and home loans and less on luxuries.

Manuel has reiterated that the country is not in a recession despite several economists claiming the opposite.

The Finance Minister insists that the country must stick to the technical definition of the term recession.

His comments follow the release of inflation data this week that showed the Growth Domestic Product has shrunk by 1.8 percent in the fourth quarter of last year.

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