The economy’s growth dynamics are skewing in the wrong direction

Increasingly dependent on consumption by households rather than on investment by firms

In the space of a week South Africa’s optics have brightened: the economy is 11% larger than previously thought, the debt ratio has dropped from the low 80% range to the low 70% range, and the budget deficit is likely going to beat the National Treasury’s target this year, despite all the additional unrest and pandemic-related spending...

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