South Africa’s economy is not in “recession territory” and there is a more than 50 per cent chance ratings agencies will not downgrade it to “junk” status this year, Finance Minister Pravin Gordhan said on Tuesday.

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Reports say agency rate has identified a lower growth rate.

Treasury also plans to stick to its deficit and debt targets set-out in a budget delivered in February, Gordhan told business leaders in Johannesburg.

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“We will retain and sustain our fiscal credibility notwithstanding lower growth, which will put pressure on the revenue and the expenditure side,” Gordhan said.

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