Nedbank has revised its 2022 growth forecast for SA’s GDP slightly downwards to 1.6%, and is also eyeing an acceleration of consumer inflation to 6.1% as the war in Ukraine, load-shedding, Covid-19 restrictions and the floods in KwaZulu-Natal push up energy and food costs.

Global economic growth is also expected to “slow materially” as the Federal Reserve in the US, the Reserve Bank and other central banks tighten lending conditions by hiking interest rates, Nedbank said in a trading update on Friday...