Nene says no need for panic amid recession

JOHANNESBURG - Finance minister Nhlanhla Nene says there is no need for panic amid recession.

The rand continues to lose ground, as the recession shockwaves spread.

The local currency has slipped slightly overnight, after losing more than 3 percent to the dollar on Tuesday.

The country was plunged into a technical recession, after the economy shrank for a second quarter in a row.

eNCA's UK Correspondent Olly Barratt has more on the recession, from London.