FEBRUARY is always a big political and economic month in South Africa
Read the rest of entry »
Homeowners would have been relieved at the resumption of a downward trend in the consumer price index (CPI), which dropped from 5.9% in October to 5.5% in November. Motorists can also look forward to some savings in the New Year, with lower petrol and diesel prices having been announced by the Department of Mineral Resources and Energy.
South Africa celebrates 30 years of democracy in 2024. At the same time, the country goes to elections which may see the ruling ANC voted out of power or forced into a national coalition.
JUSTICE MALALA outlines the main political and economic trends for the year ahead.
During October, the annualised rate of consumer inflation rose marginally to 5.9% (from 5.4% in September), but there should be no need for alarm over any further significant increases in the general price level. It should be noted that October was a difficult month for the rand/US dollar exchange rate, with the average hitting a level of marginally above R19.
The closer South Africa gets to the national election of 2024 the louder the political noise will get. Many voters will be entertained, horrified, and entranced by politicians making outlandish and unachievable promises, shouting at each other, pushing for space to talk, shoving others aside, posing with babies, and generally begging for attention.
The International Monetary Fund (IMF) has provided some cheer to South Africa by raising the country’s GDP growth projection for 2024 to 1.8%. A feature of the IMF’s latest global economic outlook, published in October, is the superior economic growth rates that are expected for emerging markets, relative to the advanced economies.
OVER the next few months there will be much snarling and sniping at the opposition parties which have signed up to the Democratic Alliance-initiated ‘moonshot pact’, now formally renamed the Multi-Party Charter for SA.
The decision by the Monetary Policy Committee (MPC) of the Reserve Bank not to raise interest rates again has provided a candidate for “good news item of the year”.
What will South Africa look like after the 2024 elections? Will it follow Clem Sunter’s high road, or will it slowly deteriorate? Over the next ten months renowned author and political commentator JUSTICE MALALA will give us a monthly update on key trends in the election campaign. In this first article, Malala outlines the key issues that face the country.
Consumers and prospective home owners would have been delighted by this week’s announcement of lower consumer inflation. The May reading of the consumer price index (CPI) came in at 6.3%, which is almost 20% lower than the peak of 7.8% recorded in July last year.
Get the latest updates in your email box automatically.
Subscribe to our Newsletter
Estate Agent Training
Bond & Transfer Calculator