SA joined a number of emerging markets including Brazil, Russia, Mexico and Poland in tightening monetary policy in 2021.

SA, however, stands out as having increased rates by only 25 basis points compared with larger hikes in other countries.

Reserve Bank governor Lesetja Kganyago painted a bleak picture for SA’s economic outlook with electricity shortages, worsening terms of trade and domestic investment that is likely to remain low.

Michael Avery spoke to Galileo Asset Managers chief investment officer Warwick Lucas; Raymond Parsons, professor in the School of Business and Governance at Northwest University; and Lumkile Mondi of the School of Economics and Finance at Wits University.

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