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Economists Warn SA Economy Cannot Take More Restrictions as Third Wave Looms

SOUTH AFRICA

LOCAL NEWS

  • Businesses warn that SA's economy cannot afford stricter lockdown measures, after Health Min Mkhize said third wave risks are increasing (daily infection +46% last week) - but said overnight it has not yet begun.
    • Economists say that while a third wave is concerning, businesses and the economy cannot take on more restrictions, and that govt doesn't have the money to help them through it.
  • BankservAfrica Economic Transaction Index (BETI) shows SA is bouncing back from the worst of the Covid-19 pandemic and lockdown – but the recovery is patchy and uneven.
    • Notes that even though the overall index was up significantly (+26%), this is after a massive drop of 15% during lockdown
    • so it's not so much major growth for the economy, but rather a return to pre-Covid-19 levels.
    • BETI measures monthly transactions paid into the SA National Payments System: April saw 109m transactions (worth R1.03tn)
  • State broadcast SABC says it is on the road to profitability after years of financial losses:
    • total revenues expected to grow 28%, 17% & 13% from 2022-2024 and see R150m-350m profit in 2023 - reducing the risk of more govt bailouts amid its fiscal consolidation push
  • Zuma's corruption trial may again be delayed if the former president isn't able to find a new legal team to represent him, experts warn.
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market News

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