Key economic events have shifted the outlook for South Africa – this is what the best and worst case scenario looks like.
South Africa has been hit with the perfect storm of bad news in the past week, with the ongoing energy crisis, poor GDP data, declining business confidence and a current account deficit in negative territory all emerging against the backdrop of material risk-off sentiment in global financial markets.
“Against the euro and pound, the domestic currency is also heavily undervalued and running poorly against the crosses, near the bottom of the Bloomberg EM currency ranker on an annual comparison,” she said. “South Africa’s worsening electricity crisis came at a poor time against the backdrop of material risk-off sentiment in global financial markets, while load shedding also adds to the cost environment, with SA’s inflation still high, weakening the rand,” Bishop said.
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