Old Mutual updates 2021 economic growth forecast to 5.5%
Insurer ups already bullish forecast for 2021 as economy expands 1.2% in the second quarter
SA, reporting under a new methodology, recorded economic growth higher than economists predicted in the second quarter, prompting one of the country’s biggest insurance companies to revise its already bullish forecast for 2021.
However, SA’s economy remains smaller than it was before the Covid-19 outbreak and is still vulnerable after the country was plunged into chaos by riots in July. It is also questionable whether the economy can sustain the sort of growth needed to deal with the world’s highest unemployment rate...