Market shocks, technical recession await SA post-Gordhan - economist

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Cape Town – President Jacob Zuma’s overnight cabinet reshuffle was a clever and calculated strategy, but one which will result in a profound economic and market shock in the months to come, emerging market economist Peter Attard Montalto said in a company note. 

Zuma sent shockwaves through the country when he announced extensive changes to his Cabinet in the early hours of Friday morning, replacing among others finance Minister Pravin Gordhan and his deputy Mcebisi Jonas with Malusi Gigaba (former home affairs minister) and Sfiso Buthelezi (ANC MP and former Prasa chairperson), respectively. 

READ: Changing of the guard as Gigaba makes his way to 'occupied' Treasury 

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