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Abstract:
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Global economic recovery is continuing, but the momentum has weakened and
uncertainty has increased with the recent resurgence of the COVID-19 virus Omicron
variant. The greater sub-Saharan Africa region is expected to grow by 4.0 percent in
2021, the slowest recovery in the world compared to advanced markets and other
emerging markets and developing economies. Despite possibly achieving growth of
4.6 percent in 2021, South Africa is unlikely to maintain this momentum into 2022
according to the International Monetary Fund (IMF). The upward revision to South
Africa's 2021 growth outlook is largely linked to better than expected growth during the
first half of the year before the massive social unrest in Kwazulu and Gauteng
provinces, as well as the impact of the country’s improved national accounts position,
which has been helped by a stronger trade account bolstered by the commodities
boom. |