Goldman Sachs is betting on South Africa's strong economic growth
The reason South Africa has become so appealing to the Wall Street firmfound is that its economy is running at just under $400 billion Gross Domestic Product . Holistically Africa represents about 2% of the world’s GDP and 15% of the world’s population. Specifically, Goldman sees that South Africa’s equity and debt markets are deep, liquid, and key drivers of the continent’s long-term growth potential.
Goldman applied for a South African banking license and a revenue-sharing agreement with Investec on equities, this is to assure active participation in South Africa's foreign exchange and capital markets. The country is one of the higher-yielding fixed income markets, which makes it an attractive place for global investors . For example, “the market cap of the Johannesburg Stock Exchange, is 2.5 times the country’s GDP at $1 trillion”, Coleman said at a conference in South Africa.
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