Writing in the SA Reserve Bank’s 2024/25 annual report, governor Lesetja Kganyago noted economic risks lying ahead for SA.
While volatility was rising and conditions remained uncertain, he considered it likely that the global environment would be “less benign than before” and emphasised the importance of getting domestic policies right.
He noted SA’s “protracted growth stagnation” in the context of heightened geopolitical risks, and pointed out that the country remained vulnerable, while growth remained low and the public debt continued to rise.
He warned that while SA had had it easy over the past three decades because the environment was favourable to the country and its economy, a less open and less tolerant world order would present “profound challenges to our society”.
The risk now is that the captain of the good ship SA is distracted, while steering his unseaworthy vessel into stormy waters.
Chris Hattingh
Centre for Risk Analysis
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