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FirstRand CEO Alan Pullinger has bemoaned the “glacial pace” of SA’s structural reforms, saying the nation’s sluggish economy could not be more different from the UK, where the banking group’s operations outperformed its more established local businesses.

Though the group expects SA’s GDP will recover to pre-pandemic levels in 2022 at least a year earlier than previously expected, Pullinger said he worries the country may be squandering the windfall from a commodity bull run that has seen tax revenues overshoot previous projections...

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