Investec’s chief economist outlines the rand’s performance for the first month in 2023.
South Africa’s rand is trading weaker as investor confidence in the country’s economy is eroded by load shedding.
Bishop said that the situation has worsened with no near-term state solution to end the damaging effect on the economy. Already industrial production contracted in the first two months of the final quarter last year – down by 1.4% versus the same period in the third quarter, said Bishop. Due to the country’s deepening supply-side energy shortages, she added.
“This year, little improvement in state infrastructure is expected, particularly on the rail, port, electricity and water supply front, which will impede economic growth and job creation, keeping the rand weak,” added the economist., says Sebastian Steyn, a forex expert at Sable International.
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