Load shedding has decimated South Africa’s growth potential for 2023, but positive policy moves are lining up hopes for next year.
The South African Reserve Bank says that energy reforms may bring some reprieve to the country’s energy constraints and lift its burden on the economy – but only in 2024 and beyond.‘ by economists Theo Janse van Rensburg and Kgotso Morema, the SARB said that rolling blackouts have crushed potential GDP growth for 2023, and risks associated with the outages are expected to remain high until at least 2024.
“In our view, the risk of rolling power outages will remain high in 2023 and into the early part of 2024 as a result of the unreliability of existing power capacity, alleged sabotage, corruption and other factors,” SARB said.as Eskom embarks on a major repair, new capital investment projects and maintenance projects that areThere are a handful of major repair jobs and maintenance projects Eskom needs to embark on and finish to bring ageing coal power stations back online.
Notably, Koeberg Unit 1 remains offline and has missed its return date , now only expected to be back by the end of August/September. Koeberg Unit 2 is expected to go offline soon after – expected back in early 2024 . Details of these reforms are covered by Operation Vulindlela and show some progress being made in implementing structural reforms.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reserve Bank talks ‘digital rand’ and crypto in South AfricaThe South African Reserve Bank is making progress looking into digital assets and new technologies relating to payment.
Read more »
ECONOMIC WEEK AHEAD: Reserve Bank to host discussion forum in SowetoData due includes manufacturing activity, inflation expectations, electricity output and forex reserves
Read more »
10bet South Africa – New SportsBook 2023 Release10bet South Africa is a new SportsBook that is set to launch in 2023.
Read more »
Global markets in the first half of 2023: Banks vs the machines | BusinessThe first six months of 2023 have been eventful for financial markets - from an artificial intelligence inspired tech stock surge, commodity market capitulations, cryptocurrency comebacks to the worst banking crash since Lehman Brothers.
Read more »