In 2020Q2, the real economy deteriorated significantly, Q-o-Q GDP contracted by 16.4% - one of the largest economic contractions since the 1990s and the economy also shed 2.2million jobs. This precipitated a significant increase in the proportion of low-income individuals defaulting on at least one loan, 92% of loans taken out by those earning less than R7,500 are unsecured.
Read more in The Eighty20/XDS 2020Q2 Credit Stress Report: https://www.eighty20.co.za/credit-stress-report/
(https://bit.ly/30JQO9f)
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Fact-a-Day
October 8, 2020
