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South Africa's Economy Contracted 6.4% in First Quarter

South Africa's economy shrinks in the first quarter.

South Africa’s economy shrank 6.4% in the first quarter, according to Nhlanhla Nene, the Deputy Finance Minister. He believes that was “going to be the lowest” and that the economy will “likely make a comeback.”

The unemployment rate rose from 21.9 percent to 23.5 percent from the previous quarter. To combat the growing unemployment rate, President Jacob Zuma announced that the government would create 4 million jobs in agriculture, manufacturing and public works over the next five years.

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