Covid-19 relief efforts have worsened SA’s fiscal position. The government has increased sovereign debt levels to fund its response, while stringent lockdown regulations have eroded tax revenue.The resultant funding shortfall, coupled with SA’s legacy structural challenges, will likely dampen the pace of the country’s economic recovery. The rationale for local investors to boost offshore allocations and build globalised portfolios is more compelling than ever.However, differences in country-specific pandemic responses mean that the global economic recovery will not be uniform. Particular sectors will also benefit more than others.Accordingly, offshore investors who apply a geographic and thematic lens to their investment decisions stand to benefit from more robust recoveries."North Asia has experienced a stronger recovery and has suppressed the virus more successfully than other regions. In the absence of a meaningful second wave, this gives North Asia a head start, which makes it m...

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