A string of sweeping changes in South Africa's cabinet by President Jacob Zuma late last month hurt economic confidence and major ratings agencies downgraded the country's sovereign credit rating to "junk" status.
Despite the weak economic outlook, expect Zuma to stay in power, according to political analyst Alastair Newton.
Speaking with CNBC'S "Capital Connection" on Wednesday, the former diplomat said it is likely Zuma will continue holding on to power as president in the foreseeable future.
"I think markets have consistently underestimated Zuma's ability to survive, despite the fact that the [African National Congress] itself is clearly deeply divided, despite the fact that there will be thousands of protesters on the streets today," Newton said.
Emphasizing the low likelihood of Zuma being ousted, Newton said "Zuma still remains very firmly in control. He enjoys dominance of the national executive committee, the ANC, which he has cultivated through patronage, and I think the chances of him being ousted in the short-to-medium term are pretty low."