Nedbank has reduced its growth forecast for 2023 to 0.2%
Nedbank says the operating environment in the first four months of 2023 ended up being far more challenging than the group initially expected at the start of the year.
Moreover, the nation’s slow progress in fighting corruption and the potentially disastrous economic consequences of the United States’ reaction to South Africa compromising its non-aligned stance regarding Russia’s war in Ukraine have added to the country’s risk premium.“Global liquidity has deteriorated, resulting in much tighter financial conditions with US regional banks suffering particular challenges.
However, the Nedbank GEU now said it expects the prime lending rate to remain flat for the rest of 2023 at 11.75%, with a slow decline in 2024.
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