The chart below shows that South Africa is the only one of 41 major economies tracked by the OECD that is in technical recession in Q1:2017

Iceland posted a negative GDP print in Q1:2017 and is the only other country with negative GDP.

The numbers next to the names show what percentage of world GDP the country contributes. So, SA is 0.6% of world GDP and the US is 25% of world GDP.

Note how deep the recessions that Brazil, Greece, Italy, Portugal, Spain and more recently, Russia, had to emerge from.

Most of the high frequency, monthly leading economic data points to a business cycle that troughed in Q1:2017. However, we need to bear in mind that none of these (nor the GDP data) take into account the cabinet reshuffle, so upcoming economic data is going to be very closely watched.