JOHANNESBURG—South Africa’s economy shrank by an annualized 51% in the second quarter, its worst quarterly decline in at least a century and one of the steepest contractions recorded by any major economy during the coronavirus pandemic. Africa’s most developed economy imposed a strict lockdown in late March, closing most businesses and banning the sale of alcohol and cigarettes along with other items not considered essential.

Source: Wall Street Journal September 08, 2020 11:19 UTC