The Economy You can bank on it
Good news from the World Bank, which from its marbled halls in Washington, DC, has pronounced that the dear old South African economy is likely to rebound to its pre-pandemic levels. This according to that venerable institution’s Global Economic Prospects Report January 2022, released last week. Apparently, our GDP growth is likely to come through at a full percentage point above their gloomier June predictions, at a hearty 4.6% in 2021, lifted thither by a robust recovery in the mining, manufacturing, and services sectors. And – here’s a nice little kicker – the Bank has pointed to our improved control over COVID-19 as a driver of improved performance in service sectors like tourism. “Private consumption and investment are projected to firm somewhat, recovering from last year’s virus restrictions and social unrest,” says the report. “However, persistent large-scale unemployment, high inequality and structural impediments to growth will continue to weigh on economic activity.”
Comment: Good stuff. But let’s find a way to get from good to great, now, shall we?